How to Shift Charitable Deductions into Business Deductions
When a taxpayer makes a payment to a §170(c) charity, there are two possible deductions available for that payment: A charitable contribution deduction under §170, or A trade or business deduction under §162. A §162 trade or business deduction is generally superior to a charitable deduction. It is above-the-line, reducing adjusted gross income (AGI), income […]