NathanJefferson
Master
- Feb 16, 2010
- 1,506
- 38
I'm getting ready to start a project that will donate ALL proceeds to charity.
If all income is sent to a specific charity, would there be a tax implication for my LLC?
If the project goes well, I could see 10's, if not 100's of thousands of dollars being generated, and I and the other contributors will bear the development/promotion/etc costs and write a check for the exact top line amount that comes in.
I (or other contributors) expect to just write off the costs as a business expense but I'm a little afraid that I might end up getting a tax bill for the money donated...
Any help?
If all income is sent to a specific charity, would there be a tax implication for my LLC?
If the project goes well, I could see 10's, if not 100's of thousands of dollars being generated, and I and the other contributors will bear the development/promotion/etc costs and write a check for the exact top line amount that comes in.
I (or other contributors) expect to just write off the costs as a business expense but I'm a little afraid that I might end up getting a tax bill for the money donated...
Any help?