Yes, you read the headline correctly. Make the monies you give to charities, schools, and churches business tax deductions.
You can do it!
Tax planning to classify payments to charities as business expenses has been around since 1935, when lawmakers put limits on the charitable contributions that a C corporation could deduct.
The planning history makes good news for you. Both IRS revenue rulings and court cases show you several paths that you can follow to create business deductions for the money you give to charities.
You might ask, “Why bother if I already deduct charitable contributions?” Answer: you usually save tax dollars when you can claim an otherwise personal deduction as a fully deductible, tax-favored business expense.
Savings Possibility 1
If you first had to earn the money before you gave it to ... Log in to view full article.