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posted Jul 26, 2023 10:20:13 AM

I have my business forming a Subsidiary to a Nonprofit, Charitable Tax-exempt Corporation. So, a portion of what the business made goes to the non profit's mission.

How do I report it on my tax on the business side

0 3 1079
3 Replies
Employee Tax Expert
Jul 26, 2023 10:37:23 AM

Hi, @royarohanirad , thanks for the question! However, questions on corporate tax are somewhat outside of our scope. I can only say that this may or may not be deductible as a charitable business expense. I would suggest that you consult an accountant on this matter. Sorry I couldn't be more help! 

Level 15
Jul 26, 2023 10:53:28 AM

What type of entity do you currently have at this time?

 

You should note that an S corporation cannot have a nonprofit subsidiary. 

 

If this is a C corporation, then (a) TurboTax cannot be of much utility for your purposes, and (b) you should seek advice (tax and legal) from local professionals.

Level 15
Jul 26, 2023 12:13:40 PM

consult a tax pro. forming a tax-exempt org require filing certain paperwork with the iRS. tasx exempt orgs are beyond the scope of this forum.