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Financial Education

Giving Back and Tax Implications for Small Businesses

Businesses that give to charities have a more positive image in the minds of 85 percent of consumers, according to one study. That may not add to the intrinsic value of what small businesses do in giving back to their communities, but it can be an incentive to do more charity work.

There are also tax implications to charitable giving, though not all parts of giving back are deductible expenses.

It’s now always easy for small businesses to be as charitable as they’d like if they have tight budgets. But there are ways to show support for local charities without spending a lot of money. Here are a few:

Paying It Forward