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Taxtom , Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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I need some help with how to handle my potential deductions

Resolved Question:

I need some help with how to handle my potential deductions for my charitable contributions. I personally tithe (donate 10 percent of my monthly income) out of my personal checking account and I own an s-corporation that I want to setup to tithe on it's profits, out of it's business checking account. Is this the best way to handle my contributions? I probably will not have enough deductions to itemize this year. Is there any tax benefit to setting up a payroll deduct for my personal donations? Would it be better to take a distribution on the company profits and donate more from my personal checking account? Would my company's deduction be any greater if it was a c-corporation? Let me know if you need more info.
Submitted: 5 years ago.
Category: Finance
Expert:  Taxtom replied 5 years ago.

Taxtom :

Hello, Your Charitable contributions from your s-corp pass through to your personal intemizations so it easier to pay them from your personal accounts. There is a 10% limit on C-corporations and with the corporation taxes you would be better to stay a s-corp. Thanks Tom

Customer: replied 5 years ago.
What about setting up a payroll deduct for my personal donations? Any benefit?
Expert:  Taxtom replied 5 years ago.
Hello, There is not an advantage unless it easier to keep records. Thanks Tom
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