How do I annotate charitable donations (schedule C or personal?) for charity sales events with our LLC (just me and my spouse) where we donate a portion of the profits?
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
How do I annotate charitable donations (schedule C or personal?) for charity sales events with our LLC (just me and my spouse) where we donate a portion of the profits?
How do I annotate charitable donations (schedule C or personal?) for charity sales events with our LLC (just me and my spouse) where we donate a portion of the profits?
Charity is personal (i.e. Schedule A, not Schedule C). Charity is never treated as a business expense by an incorporated business such as a sole proprietor or LLC. Only "C" corporations get to include it as a direct expense against net business income. Please add within the Deductions and Credits section of Turbo Tax.
Here's a good article by the Small Business Association:
How do I annotate charitable donations (schedule C or personal?) for charity sales events with our LLC (just me and my spouse) where we donate a portion of the profits?
Charity is personal (i.e. Schedule A, not Schedule C). Charity is never treated as a business expense by an incorporated business such as a sole proprietor or LLC. Only "C" corporations get to include it as a direct expense against net business income. Please add within the Deductions and Credits section of Turbo Tax.
Here's a good article by the Small Business Association:
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.