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littletom... littletom...
 

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M$1.00  Funded By Mahalo ? |  March 28, 2009 04:20 PM

If I make a sale and contribute $.20 on each dollar to a local charity, do I pay income tax on the whole sale or after the contribution?

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hushnow hushnow
 
 March 30, 2009 01:55 AM
If your company/business made the sale and made the donation, then they would have to pay income taxes on the whole sale. The following April they could deduct the donation and hopefully owe less in taxes. Same goes if it was you that directly made the profit from the sale, and then donated some of the money.

*Even though you get a deduction in April- things like Social Security and Medicare still have to come out.
Source(s):
http://www.irs.gov/pub/irs-pdf/p526.pdf



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robbrown robbrown
 
March 28, 2009 04:28 PM
For best results, run this by an accountant.

However, from my (non accountant) point of view, you need to claim all of your income.

Then, if you give some away to charity, you can account for those credits properly.

However, you can't simply say that you make 0.80 of every dollar simply because you give 0.20 away.

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