Charitable Donations

 
Thread Tools Search this Thread Display Modes
Old 12-10-2017, 11:21 AM   #1
edward trowelhands
 
Golden view's Avatar
 
Trade: Diplomat
Join Date: Feb 2012
Location: PDX
Posts: 3,328
Rewards Points: 3,640

Charitable Donations


Can my business make charitable donations and then write it off? I'm getting to the point where I don't meet the standard deduction on the personal side. If that gets doubled with new tax code, many of us won't be able to get any tax benefits from charitable donations.
Golden view is online now  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 12-10-2017, 11:37 AM   #2
The Sheriff

 
Jaws's Avatar
 
Trade: GC
Join Date: Dec 2010
Location: Texas
Posts: 19,190
Rewards Points: 1,954

Re: Charitable Donations


Yes

We do some police and military ones through the company. Any other donations we make individually (VFD, local community events, ect..) I have never tried to write off, I just paid for them personally. My brother and dad live in a different community and have their own donations I'm sure.

We also sponsor a race car, my brother and I do anyway, LOL. That is a write off as it is an advertisement, I'm pretty sure that I will never get a custom home or large remodeling project out of that though. LOL

Advertisement

__________________
"The sound of the saftey clicking off is the only warning your gonna get......., so cover your ears" Northeast Wyoming 2016

John
Jaws is online now  
The Following User Says Thank You to Jaws For This Useful Post:
Golden view (12-10-2017)
Old 12-10-2017, 09:29 PM   #3
Pro
 
mstrat's Avatar
 
Trade: New Construction & Remodeling
Join Date: Jul 2013
Location: NW Ohio
Posts: 750
Rewards Points: 1,260

Re: Charitable Donations


Standard Answer: "Ask YOUR accountant, we're all contractors, not tax gurus"

Long Answer: Yes, kinda...though be honest with yourself, is the contribution enough to make a difference in your tax world? My favorite is when someone gives $50 and wants a 'tax receipt' for it...wahoo! You saved a whole buck or so on yo taxes!
mstrat is offline  
The Following 2 Users Say Thank You to mstrat For This Useful Post:
Golden view (12-10-2017), Jaws (12-10-2017)
   
 
Old 12-10-2017, 11:26 PM   #4
Pro
 
We Fix Houses's Avatar
 
Trade: Remodeling / Carpentry
Join Date: Aug 2007
Location: Greensboro, NC
Posts: 1,613
Rewards Points: 1,866

Re: Charitable Donations


What's the difference between a Holiday Nutcake, bottle of wine or William Mangum Honor Cards I'm picking up tomorrow morning I mail to my customers ?

The cards are from a tax deductible org. I expense it all. A few hundred bucks.

http://greensborourbanministry.org/e...ay-honor-card/
__________________
Steve
We Fix Houses is offline  
Old 12-11-2017, 12:34 AM   #5
Fire up the BBQ
 
griz's Avatar
 
Trade: GC
Join Date: Nov 2009
Location: CA
Posts: 18,921
Rewards Points: 18

Re: Charitable Donations


Girl Scout cookies cost me about 3 bills a year for 6 boxes.

Dam thin mints and them coconut things....all I can afford is about 6 boxes.

Then the dam grand kids and their friends and the candy bar sales....

1 dollar a candy bar.....50 to a box...I usually buy about 10 boxes.....

I drop a Safeway gift card off to the local soup kitchen....

My wife is another story......

We don't claim any on taxes.....
__________________
SOME JOBS JUST AREN'T WORTH DOING:
griz is offline  
The Following User Says Thank You to griz For This Useful Post:
Jaws (12-11-2017)
Old 12-11-2017, 01:11 AM   #6
GC/carpenter
 
Californiadecks's Avatar
 
Trade: Decking, Railing, Carpenter/General Contractor
Join Date: Nov 2011
Location: Anaheim Hills, California (OC)
Posts: 30,928
Rewards Points: 2,674

Re: Charitable Donations


I donate a significant amount each year. Just make sure it's a ligitimate charity. My bookkeeper makes it happen. Sorry that's all I got.


Mike.
_______________
Californiadecks is online now  
The Following 2 Users Say Thank You to Californiadecks For This Useful Post:
Golden view (12-11-2017), Jaws (12-11-2017)
Old 12-11-2017, 05:45 PM   #7
Geometrist

 
Warren's Avatar
 
Trade: framing/remodeling
Join Date: Feb 2005
Location: NE Ohio
Posts: 9,623
Rewards Points: 6,209

Re: Charitable Donations


I believe you have to be a corporation to do it. LLC and S corp are pass through entities and the deduction would be passed on to the shareholder.

I am not a fan of them raising the standard deduction. I think for a lot of people, it will discourage them from being charitable, as most will not get a deduction for it any longer.
__________________
I'd love to replace all the dumbness in this room but the budget is tight and the stupidity is plentiful!

Easy Gibson
Warren is online now  
The Following User Says Thank You to Warren For This Useful Post:
Golden view (12-11-2017)
Old 12-11-2017, 09:29 PM   #8
edward trowelhands
 
Golden view's Avatar
 
Trade: Diplomat
Join Date: Feb 2012
Location: PDX
Posts: 3,328
Rewards Points: 3,640

Re: Charitable Donations


Quote:
Originally Posted by Warren View Post
I believe you have to be a corporation to do it. LLC and S corp are pass through entities and the deduction would be passed on to the shareholder.

I am not a fan of them raising the standard deduction. I think for a lot of people, it will discourage them from being charitable, as most will not get a deduction for it any longer.
I better ask my CPA.

And I'm getting this feeling like I should feel bad for wanting to write these off, but that's dumb. If I write them off, I can donate significantly more.
Golden view is online now  
Old 12-11-2017, 09:31 PM   #9
Pro
 
Randy Bush's Avatar
 
Trade: Exterior Remodeling
Join Date: Mar 2011
Location: Great Falls, MT
Posts: 4,551
Rewards Points: 298

Re: Charitable Donations


I donate a fair amount a year , mainly a missionary family in Guatemala,but never bother claiming it. only one person needs to know what I give and it is not the tax man.
Randy Bush is online now  
Old 12-11-2017, 09:42 PM   #10
GC/carpenter
 
Californiadecks's Avatar
 
Trade: Decking, Railing, Carpenter/General Contractor
Join Date: Nov 2011
Location: Anaheim Hills, California (OC)
Posts: 30,928
Rewards Points: 2,674

Re: Charitable Donations


Quote:
Originally Posted by Golden view View Post
I better ask my CPA.

And I'm getting this feeling like I should feel bad for wanting to write these off, but that's dumb. If I write them off, I can donate significantly more.
Hell no! Don't feel bad. It's not income.

__________________

Advertisement

Californiadecks is online now  
The Following User Says Thank You to Californiadecks For This Useful Post:
Golden view (12-11-2017)


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Donations for Houston Deckhead Off Topic (Non Trade) 19 11-10-2017 01:15 AM
Do customers hit you up for donations? Mike(VA) General Discussion 11 04-17-2009 09:04 AM
Charitable contracts roadmut General Discussion 2 07-19-2007 08:45 PM
Charitable Auction for kids w/Cancer Bosslady Off Topic (Non Trade) 2 12-12-2005 06:14 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?