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Giving Back: Tips For Businesses

motor vehicles

PLEDGING GOODS OR SERVICES

Businesses are often in a position to offer alternative forms of support to non-profit organizations other than just money. These are called in-kind donations.

It is important to be aware that not every kind-donation will qualify for a tax write-off. Generally speaking, businesses can deduct the fair market value of donated goods. This applies to everything from items that are up for bid at charitable auctions to office space and supplies. Business cannot, however, deduct the value of donated time or the cost of performing a service. Certain exceptions may apply.

If you intend to deduct any in-kind donations from your taxes, the charity must be properly registered. Before you give, check our database or call (971) 673-1880 to confirm you are giving to a qualified organization.

As with any type of donation, maintain good records of any in-kind donation that may be deductible, including documentation of how it was valued. Documentation includes receipts and/or written acknowledgment from the charitable organization of your donation.

For more information about the tax deductibility of in-kind donations, consult with your tax professional or review the information provided on the IRS website.

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