Holiday Donations Can Pay Off in 2012
For small businesses, donations are one way that they can help the community and foster good relations with their customers. Small business owners should know that tax deductions on charitable contributions are available to them as the calendar year ends. Like individual charitable contributions, businesses can also deduct some donations they make. However, business owners should be aware of some key rules so they can maximize their deductions — and not run afoul of IRS regulations. Rules such as: Charitable contributions are usually not business expenses.