Your first paragraph - remember that not all non-profits are 501(c)3 charities, the only organizations where donations get a deduction IF and only if the person itemizes. Your second paragraph - deduction, not a credit. And only if the BUSINESS actually owned that clothing as part of their inventory. If it's the owner's items, again it's a personal itemized deduction, not a business deduction. And the owner giving the items to the business first doesn't work. Your donation of your time and creativity does NOT get you a tax deduction. If you have out of pocket expenses, those could be deducted as donations IF you itemize. Same answer for fund-raising.
by Judy - 12 hours ago
Oh, where do we begin. 1. If *I* donate $2000 to a charity, my taxes can go down by $300 (15%) because I already itemize. if I didn't itemize, the $2000 would do nothing as it wouldn't change my taxable income. 2. If I'm a business, it depends on what kind. The IRS classifies businesses as C corporations, S corporations, partnerships and sold proprietors. A C corporation may be able to claim a charitable deduction, but the other 3 can't on the business return. The donation reverts back to the personal tax return and schedule A (see #1). 3. You don't seem to know the difference on income tax deduction and tax credit. A deduction may reduce your income tax, but only by a percentage and only if you itemize and actually owe income tax to begin with. 4. When you donate your time, you get $0 deduction for it. That's because you are donating something that has $0 value. (You never included the time spent as income and even if you did, it would be a wash.) Even if you normally make money as a website designer, you still can't deduct anything because it was never income! If you paid $ to an ISP to host the web site, you *might* be able to deduct that expense....provided the charity gives you a letter confirmed that you paid it.
by Quick Answers - 12 hours ago
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