Ep. 71: Donating vs. Gifting (for tax purposes)

This episode is the third in a 3 part series where I sit down with my accountant and CPA, Theresa Rubino of Rubino Tax to answer all of your bookkeeping questions! In today's episode, Theresa defines donating and gifting, for tax purposes. The lines are blurry between donating and gifting, to say the least. The only things that can make them more complicated are trying to reconcile them on your taxes AND running your own business. We cover everything from donating the proceeds of a product you're selling to contributing to a GoFundMe for someone you know and how to make sure you're giving back in a responsible way. A huge thank you to Theresa Rubino for answering all of our questions! To learn more about working with her or to schedule a free consultation, visit https://rubinotax.com/. Ask to be put on the waiting list for her course, Solid From the Start – Creating the foundation for your business: Choosing the right business structure is an important decision and one that should be made wisely. There are advantages and disadvantages that go along with each one. Understanding those differences is critical in making your first decision as a business owner. Then as your business grows, you must reassess to be sure the structure you chose is continuing to work for your benefit. If it’s not, then it may be time to change. ***** If you're ready to start growing your business through authentic marketing and action based monthly marketing plans, visit marketinguninhibited.com to schedule your free 30 minute consultation. Miranda Rodriguez is a marketing coach and fellow creative soul at Marketing for the Uninhibited, located in Aurora, IL. She helps solopreneurs make money by marketing their business their way. She believes that marketing your business can be simple, doable and fun.