If you're running a business as a sole proprietor
, self-employed individual, freelancer or 1099 employee, you have to be your own hero, serving your clients and doing every single thing required to keep your business running on your own. Maybe you also find time to go the extra mile for society and make goodwill charitable contributions to various worthy causes in the community.
If this sounds like you, you'll be happy to know that the Internal Revenue Service (IRS) rewards you for those donations. You can deduct every goodwill charitable contribution you make from your taxable income.
Before you claim each goodwill donation tax deduction, there are a few things you'll want to keep in mind.
- Find out what qualifies an organization to receive tax-deductible donations
- Learn what types of contributions qualify as tax-deductible
- Understand the process for claiming charitable contributions as tax deductions