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Donating to charity

Discussion in 'Business & Tax Advice' started by FormerBoxer, Jun 19, 2016.

  1. FormerBoxer

    FormerBoxer Regular Member

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    I have a website that sells products and I give a portion to a charity. I never registered a LLC or anything, should I create a LLC for tax purposes? When claiming taxes how does I help by me giving to a charity?

    Any help would be great!
     
  2. MayhemMarketing007

    MayhemMarketing007 Jr. VIP Jr. VIP

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    I have included charitable donations without having a business registered, but I was only making four-figure money.
     
  3. Offshore Banking

    Offshore Banking Newbie

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    Any Income is subject to Income Tax. Donations only reduce your Income and with this your Tax Liability.
    Example: Annual Income 36k. - Donations 4k. Taxable Income = 32K.
    Best Regards.
     
  4. davids355

    davids355 Jr. VIP Jr. VIP

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    Nice idea. Sometimes think if every ecom site donated like 0.00001p/transaction or something to charity then we could eradicate poverty.
     
  5. Offshore Banking

    Offshore Banking Newbie

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    Would be nice if everybody would be rich, but it would'nt help its not a Solution and it would'nt really help us. We need Poverty and modern Slavery for Cashflow. If everybody would have a lots of Money, who would go to work, to produce the Food? The Jeans in India, your Shoes in Indonesia and your Iphone in China?
     
  6. davids355

    davids355 Jr. VIP Jr. VIP

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    That's a topic for another day :)
     
  7. Memoirs

    Memoirs Newbie

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    you should. there should be something about partial donations- and it could save you some money, meaning more money actually going to the charity instead of to tax.
     
  8. 0xxi3

    0xxi3 Jr. VIP Jr. VIP

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    Sorry for off-topic but I just couldn't ignore this.
    We won't ever eradicate poverty for multiple reasons, to summarize it in three words: poverty is profitable. We won't resolve anything by throwing more money at poor countries. Because they don't need just money, they need better governments and a fresh start.

    I respect that you guys donate to charity, it's noble.
     
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    Last edited: Sep 15, 2016
  9. Offshore Banking

    Offshore Banking Newbie

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    If you earn 100k a Year or more, doesnt matter how much, its just an Example and you donate 80k, you have to pay Tax only on 20k.

    If you really have a Issue with your Tax Liability I may help you.

    Best Regards.
     
  10. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    What is your company name?
     
  11. Offshore Banking

    Offshore Banking Newbie

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    Hey Bro. Please dont ask me again. I cant and I wont tell you. Im already not allowed to enter the U.S. Further I dont need an International Warrant for Money Laundering. Best Regards.
     
  12. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    If you are money laundering and asking people to shoot you an email for help, you are in the wrong place.

    That sort of activity is not permitted here on BHW.
     
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  13. Offshore Banking

    Offshore Banking Newbie

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    Im answering only Peoples Questions here. To send me an Email is just for Anonymity, not to offer my Services.
    This is a public Forum, accessible also by Federal Agents. Not everybody feels comfortable to post here and discuss private Things.
     
  14. LuckyCharm007

    LuckyCharm007 Jr. VIP Jr. VIP

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    By charity do you mean ISIS or something like that?

    Please stay on the line your call is important to us
     
  15. Offshore Banking

    Offshore Banking Newbie

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    Of course not.
     
  16. Memoirs

    Memoirs Newbie

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    even though that is (sadly) true, it's still better to donate all of it to charity without tax.