“Time to Equalize Tax Breaks for Charitable Giving?”

“Time to Equalize Tax Breaks for Charitable Giving?”

by Karen E. Klein, Bloomberg Businessweek 8.6.12

Darren Schultz spends tens of thousands of dollars annually on paper for his digital printing business. During his yearly purge of leftover stock, he tries to sell on EBay (EBAY) whatever the $400,000 business hasn’t used. He donates what he can’t sell to free clinics and religious groups in his town of Suffolk, Va., about 40 miles west of Virginia Beach. But he says he would donate all of Copico’s excess inventory if the tax rules on charitable donations gave his S-corporation the same breaks they give C-corporations, a business entity typically favored by larger companies. “I’d rather give this inventory away and take a tax deduction than sell it and take a loss,” says Schultz. Read more…

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