If I make a cash donation (over $500) to quality charity through my business (single LLC), and no benefit receive from it, can it be deducted as business expense and which section should I input the amount? And I use standard deduction not itemized for my personal tax return and have schedule C for my business. Thanks
Hi There
For a charitable contribution - there would be no business deduction for the single member LLC on your Schedule C. As you surmised it would instead be an itemized -charitable deduction.
Also a cash donation will have to substantiated by receipt from a qualified organization.
The basis of your question is can I make a charitable contribution and have that charitable contribution treated as a business expense of a single member LLC that is a disregarded entity for tax purposes. The answer is no. S corporations, LLCs, partnerships, and sole proprietors can make donations, but the business owners/shareholders have to report the donations as a personal charitable deduction on Schedule A (Form 1040). This provides a tax benefit only if you are able to itemize your deductions.
Thank you for your question @lamspp and , I am sorry that it was not the answer that you were hoping for.
All the best,
Marc T.
Turbo Tax Expert
27 Years of Helping Clients