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Thank you for using justanswer. In general, you may take a charitable deduction for food or merchandise you donate to recognized charities. By recoginized I mean those places that have applied for and received 501(c)3 status, such as your church, women's shelter, etc. If you have a place in mind you would like to donate to and you're not sure if they are 501(c) 3 qualified, ask them.
These would not be deductible as a business expense. If you are donating inventory items from your business, you would deduct the cost of the items on page 2 of your <table border="0" cellspacing="0" cellpadding="1">
"Purchases less cost of items withdrawn for personal use"
You would then report these donations on 2007 Form 1040 (Schedules A) Itemized Deductions.
I hope this helps.
Publication 526 (2007), Charitable Contributions
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Hi again Todd
Only the Schedule C is connected with your business, and I mentioned that form only to let you know that you may not write off a charitable deduction as a business expense.
Individuals may only claim their charitable deductions on their Federal 1040 Schedule A (Itemized deductions) If you find that you do not have enough to be able to itemize deductions, then there is no other place on your federal tax return that you may write off these charitable contributions.
If you need more clarification, please let me know.
Sorry about the delay....
Yes, you are correct.