There are tax benefits when your business donates to charity. For your donation to qualify for a tax deduction, your chosen charity needs to be a bona fide 501(c) (3) organization. Use the IRS’s search tool to confirm the group is registered. You can search by state, which helps you quickly find your charity of choice to confirm whether you are eligible to receive a […]

For gifts of property or equipment, the deduction depends on how much you donate. For example, if you donate clothing to a homeless shelter, you receive a deduction for fair market value, rather than the new value of those clothes. If you give cash or property to a charitable organization that exceeds a $250 value, you’ll want the organization to recognize your gift in writing. […]