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Business & farm
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
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‎November 13, 2024
11:28 AM
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