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Nora owns a bakery. Charitable Deductions Milestone Two: Situation: She would like to contribute $70,000 in December of 2016 to the charitable non-profit boys and girls club. She would like to know if she should contribute thus from her business account or her personal account. She would like to also know if there are any tax advantages or limitations. Her taxable income is projected to be around $500,000 on her 2016 return. Her adjusted gross income on her individual return will be around $350,000.

Nora owns a bakery. Charitable Deductions  Milestone Two:Situation: She would like to contribute  $70,000

in December of 2016 to the charitable non-profit boys and girls club.  She would like to know if she should contribute thus from her business account or her personal account. She would like to also know if there are any tax advantages or limitations. Her taxable income is projected to be around $500,000 on her 2016 return. Her adjusted gross income on her individual return will be around $350,000.

 
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