mamacow
New Member

I do not stock my business materials, I buy flooring for each contract separately. How to report donation of inventory leftovers?

I use Material and Supply expenses, not inventory, for my independent contractor business. This year for the first time, I started to donate leftover materials instead of trying to re-use or dispose of them. I have receipts few thousand dollars worth for these donations. Cannot find logical place for this item in business related topics.

AnnetteB
Intuit Alumni

Get your taxes done using TurboTax

As a sole-proprietor, your business income and expenses are all included as part of your personal tax return.  Any charitable contributions made through your business are included on Schedule A Itemized Deductions along with any other personal contributions you may have made through the year.  There is not a way to deduct the contributions through the business.

Use the following steps to go to the section of your return to enter your donations:

    • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

    • This opens a box where you can type in “charitable contributions” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

    • The search results will give you an option to “Jump to charitable contributions

    • Click on the blue “Jump to charitable contributions” link and enter your information


View solution in original post

Get your taxes done using TurboTax

Of course you have to make sure you don't "double count" the donation by reporting the dollars both on your Schedule C AND on your Schedule A.
mamacow
New Member

Get your taxes done using TurboTax

Thank you, this helps.