TommyCarey
Level X3
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Whenever it comes to be tax season do you ever think of how much you have to pay? Well if you donate money to local businesses or communities you can usually get a tax write off and avoid paying taxes if your donation is large enough to cover it. You can donate wherever you'd like, just be sure to get a receipt of your donation that ties in your business and then you, or your accountant, can submit it to the government when your taxes need to be submitted.
How can I find businesses to donate to?
I've actually been asked this question a lot and it's actually pretty simple to do, just call around and ask small businesses with a cause and you're done. Normally we like to donate to local businesses to improve our own town and increase the value of everything around us, but you don't have to do that if you don't want to. You can donate to a place you regularly visit like a museum or a place that helps others like a childrens hospital. By donating to companies like these you will get receipts that you can enter in as write offs when doing your taxes.
You can save all of your receipts from your business purchases and submit them come tax season. Just be sure that you have a good reason to be purchasing using your business funds because if it's not for your business you won't be able to claim it. A good example of this is if you go to a store and buy a dress or a suit, you won't be able to write these off because they are personal purchases. You can somehow twist it and say that you needed them for a business meeting and depending on how awesome your accountant is, you can sometimes claim this even though it was a personal purchase lol.
Which business should I donate to?
Well that's entirely up to you because it's your money and you choose to do with it as you wish. You will likely want to donate to something in your area so that you can see your donations in action. My company has donated to zoos, museums and childrens hospitals like St. Judes just because we can see what is happening with our money or we are helping others live.
I personally like donating to St. Judes Childrens Hospital because they use the donations to help children. They do not charge the families when it comes to billing and that's something I think is missed in the world today. People never really go out of the way to help each other and St. Judes Childrens Hospital helps everyone they can and doesn't charge them.
How much should I donate?
Well that depends on how much you make each year. Let's say you're making $250,000 profit per year, then you'll want to be donating $25,000 to $30,000 depending on your other writer offs you've obtained during the year. I like to stay in the 15% to 20% range because I usually have a lot of write offs to add in at tax season.
Now I'm not accountant so you'll want to contact a CPA or someone who is an accountant in order to get a better idea of what you should be donating. But in my experience if you're donating 15% to 20% per 100k profits then you'll usually avoid paying taxes.
When should I donate?
That is entirely up to you, but I wouldn't do it right before tax season. Wait about 2 months before tax season to donate so that you can get a good idea of what you'll be making for the year. If you donate $15,000 for year 2 right after you get done paying year 1 taxes you could be way off on your percentage. I say this because it's unknown how much you're going to make year to year. You could donate $15,000 for year 2 but profit 400k, and that means you're donation percentage is way off.
You can donate multiple times throughout the year, but a lot of businesses would rather just do it one time in order to have less paperwork floating around. More moving parts means there is a higher chance of error when it comes to tax season.
Why wouldn't I just pay taxes?
Well you can, it's your choice, but you can either watch what your money is doing for your community, watch children be cured of a disease they couldn't afford to pay for on their own or you can give your hard earned money to the government and not see what it's being used for.
We prefer to donate to something we can see it being used for. Regardless of what you're doing, you're going to be giving the money away during tax season, so why not help someone out or support a cause?
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Thanks!
Razzy
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Atropia
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