4 ms·
Not an accountant, but it depends on how the company is setup. You as an individual can get a tax deduction for a charitable donation, but you need to itemize
by ksherlock 11y ago
Not an accountant, but it depends on how the company is setup.
You as an individual can get a tax deduction for a charitable donation, but you need to itemize your deductions. If you use the standard deduction (no mortgage, no huge medical expenses), you might need a $6,000+ donation to get any tax benefit.
LLCs (and probably other passthrough entities) won't get any special tax benefit from a charity donation. However software purchases are a business expense and thus deductible.
- sarciszewski 11y agoI do a fair bit of OSS development, and I had considered releasing GPL code but also selling licenses to use our projects under terms identical to the MIT. But so far my actual development projects have mostly been in the realm of "mildly useful for security auditing purposes" rather than "instrumental or useful for companies" so I've mainly just MIT licensed everything.