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July 26, 2023
Question

I have my business forming a Subsidiary to aNonprofit, Charitable Tax-exemptCorporation. So, a portion of what the business made goes to the non profit's mission.

  • July 26, 2023
  • 3 replies
  • 0 views
How do I report it on my tax on the business side

3 replies

JBedford
July 26, 2023

Hi, @royarohanirad , thanks for the question! However, questions on corporate tax are somewhat outside of our scope. I can only say that this may or may not be deductible as a charitable business expense. I would suggest that you consult an accountant on this matter. Sorry I couldn't be more help! 

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Employee
July 26, 2023

What type of entity do you currently have at this time?

 

You should note that an S corporation cannot have a nonprofit subsidiary. 

 

If this is a C corporation, then (a) TurboTax cannot be of much utility for your purposes, and (b) you should seek advice (tax and legal) from local professionals.

July 26, 2023

consult a tax pro. forming a tax-exempt org require filing certain paperwork with the iRS. tasx exempt orgs are beyond the scope of this forum.