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Newsday quotes Tax & Business Services Partner Diane Giordano in an article about the deductibility of corporate donations.

Featured: Diane Giordano, Partner, Tax & Business

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For many companies, year-end is prime time for charitable giving.

It can position your business in a positive light, and offer significant tax benefits as well.

But not every charity is created equal for tax purposes. To maximize those benefits you need a strategy.

Keep in mind, though, there are different rules for different corporate structures, says Diane Giordano, a tax and business services partner at Marcum LLP in Melville.

For instance, for a C-corporation, charitable deductions for the year can't exceed 10 percent of taxable income, she says. For S-corporations, the deduction is reported by the individual and is limited to 50 percent of adjusted gross income for cash contributions, she notes.

Also if a C-corp donates inventory, the company would generally be able to deduct the cost of the item plus half the difference between the cost and the selling price, while an S-corp would only be able to deduct the lesser of cost or fair market value, explains Giordano.

Click here to read the full article on www.newsday.com >>

 
Featured
Diane Giordano

Partner
Tax & Business
Melville, NY
 
 
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