I am a sole employee of a S Corporation. Am I able to take charitable contribution as an 100% expense through the S Coporation, if I do not take them on my personal return? All contribution were to valid organizations (Salvation Army, Church, Samaritan's Purse, etc.) check/credit card with the appropriate record documentation.
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@seceng2018 wrote:
...Am I able to take charitable contribution as an 100% expense through the S Coporation, if I do not take them on my personal return?
The contribution is a pro rata share item (Schedule K on your 1120-S) and is passed through to you on your K-1 which, in turn, is entered on your individual income tax return.
@seceng2018 wrote:
...Am I able to take charitable contribution as an 100% expense through the S Coporation, if I do not take them on my personal return?
The contribution is a pro rata share item (Schedule K on your 1120-S) and is passed through to you on your K-1 which, in turn, is entered on your individual income tax return.
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