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Author Topic: Tax deduction for contributions  (Read 6621 times)

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Offline Aaron

  • FraudRecord Member
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  • Posts: 2
    • Wholesale Internet, Inc.
Tax deduction for contributions
« on: June 12, 2014, 11:49:03 AM »
On the contribution page it says that contributions are not tax deductible.  In the US, you can deduct the contributions as a marketing expense.

Offline harzem

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Re: Tax deduction for contributions
« Reply #1 on: June 12, 2014, 12:03:56 PM »
Does this apply if the contributing company (you) are in US, while FraudRecord isn't a US-located legal entity?

Offline Aaron

  • FraudRecord Member
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  • Posts: 2
    • Wholesale Internet, Inc.
Re: Tax deduction for contributions
« Reply #2 on: June 12, 2014, 12:08:09 PM »
It doesn't matter where it's spent.  When I file my taxes I just say I spent $x on marketing and deduct it.  I can't speak for other country's tax systems but in the US it is definitely tax deductible.  It's considered a business expense.

Offline harzem

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Re: Tax deduction for contributions
« Reply #3 on: June 12, 2014, 12:23:46 PM »
I've changed it to read "These contributions may or may not be tax deductible depending on your company's location." It's now the member company's responsibility to know if they are deductible in their country. I also changed it from "deductable" to "deductible" :)

Also I see you have made a great contribution, thank you! It's people like you who encourage us to keep working on FraudRecord!

Offline JayFromEpic

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  • Posts: 4
    • Epic Host
Re: Tax deduction for contributions
« Reply #4 on: August 29, 2014, 10:57:03 AM »
Aaron is spot on. Even then if you did not wish to classify it as marketing, you certainly could pass it as an operating expense by signing up for a sponsored account.

 

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