If i want to give money away from my business how can i get it back at the end of the year on taxes?

Question

If i want to give money away from my business how can i get it back at the end of the year on taxes?

Answer 1

You don't get it back.  At most you get a portion of it back equal to your tax bracket %, and that's only if you give it to a 501(c)3 registered charity.  Then, for example, if you are in a 15% bracket and donate $1000, you'll pay $150 less tax, the other $850 comes out of your pocket.

Answer 2

You can't!  It is a common misconception that giving money to some causes results in a like value refund.  While it may reduce your liability it is almost never dollar for dollar.

Answer 3

It would be treated as an itemized deduction if you itemize and nothing if you didn't.

Answer 4

You had better hire a good accountant and a tax attorney.  If you have been operating a business very long without an accountant than you better hurry and hire a good one for it sound like you need help.....