in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
3362752
Is there any advantage to donating to Charitable organizations in the S-Corp versus personal?
You'll need to sign in or create an account to connect with an expert.
Charitable contributions made by S-Corporations flows to schedule K-1 for Shareholders, after that they flows to Itemized deduction on the individual tax return (form 1040, Schedule A). So from the Federal view, it doesn't make a difference.
But, some states allow you have additional adjustment of your income before tax calculation due to charitable contributions. Please check your state rules.
Thank you for participating in this event!
Charitable contributions made by an S-Corporation are "passed through" to the owner(s) of the company. The company includes the information on its tax return on Schedule K as a "separately stated" item. The owner(s) of the company will divide the charitable contribution among themselves. Each owner will then take their share of the company's charitable contribution on their personal return.
From a tax perspective, there is no difference between an S-Corp making a charitable contribution or its owners making the contribution themselves.
Charitable contributions made by S-Corporations flows to schedule K-1 for Shareholders, after that they flows to Itemized deduction on the individual tax return (form 1040, Schedule A). So from the Federal view, it doesn't make a difference.
But, some states allow you have additional adjustment of your income before tax calculation due to charitable contributions. Please check your state rules.
Thank you for participating in this event!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
pv
Level 1
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
IY
Level 2
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
CTinHI
Level 1
another1ofhis
New Member
bobjohnson25
New Member