Charitable deductions on donations of inventory

If you’re a business owner who holds inventory, did you know you can get a charitable deduction if you donate it?

When you donate inventory, you can receive a charitable deduction of the lesser of:

  1. Basis plus 50% of the income/gain if sold for FMV; or
  2. Twice your basis amount

For more information about how you can help those in need while receivingĀ a tax benefit, contact a ShindelRock tax professional today.