- Joined
- Jul 3, 2021
Nope, single-owner LLCās canāt put it on schedule C. The owner has to put it on schedule A, which is their individual deduction. C corps can, but Iām not sure what the limitation is.My guess is it's a single-member LLC so it's reported on Schedule C. He's making the donation on the company's behalf as its sole member.
However, I thought charitable contributions could only be deducted if they had some kind of business purpose. For example, if you donated to a charity to get name recognition or sponsored a local kids' baseball team.
Either way, an individual canāt pass their personal donation to a business to deduct corporate taxes. That doesnāt make sense. Iām really confused what this guy is flexing about āoffset our business taxesā.