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    corporation donations

    My mean boss gave me a corp and I don't know what I'm going exactly.

    Can you do anything with donations?

    It is a C corp.

    #2
    Corporation Donations

    Give it back to him. Or at least ask for someone else to help.

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      #3
      Originally posted by Young tax dude
      My mean boss gave me a corp and I don't know what I'm going exactly.

      Can you do anything with donations?

      It is a C corp.
      Go to "Links." Then "Internal Revenue Service." Then "Forms and Instructions." Download the instructions for Form 1120, assuming you're talking about a C corporation. That should help.

      Yes, corporation can deduct charitable contributions, subject to a 10% of gross income limit.

      Take it easy on the young dude. Everybody has to start somewhere.

      Don't get all intimidated because it's a corporation. Lots of corporations are much simpler than doing individual returns. It's an artificial person, that's all. The form looks different, but it does the same thing.

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        #4
        Corporations

        I remember the first time my boss handed me a corporation. He said they were easier than any other entity. I thought he was crazy. But, I've come to agree with him. A corporation has a balance sheet and stands on its own. (Well, maybe not with a single shareholder who ignores bookkeeping.) At least, you can see what doesn't balance and look for that information. And, USUALLY, I see less mixing of business and personal if there are at least two unrelated shareholders. The rules are a little different, such as contributions and dividends from other corporations, but print out the instructions from your software or the IRS site. Look at last year's file for this client, if he was at your firm. Or, track down a similar corporation at your firm to use as a model. And, ask questions (the client won't hear you). Good luck.

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