- about 75 percent of small business owners donate some portion of their profits — about 6 percent on average — to charitable organizations each year.
- by following these general guidelines and consulting your accountant or tax attorney, your small business should be set to get credit.
- Identify an eligible charity, usually a 501(c)(3), using this IRS search tool
- Make an eligible donation: cash, volunteered services, sponsorship of a charity event or the donation of inventory or services
- Understand that each category has its own limitations (for example, you can’t deduct the value of your volunteered service, but you can deduct expenses incurred such as supplies) — links to all the related forms and limitation information are available from the IRS (see also: IRS Publication 526)
