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Karla K. Dennis
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Businesses can help Japan and save BIG on taxes

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With the constant news coming in from Japan concerning nuclear fall out, the earth quake and tsunami, you must be yearning to help the citizens of Japan. If nothing more, the mere photos are gut wrenching. As a business owner, you are wondering how can you help the citizens of Japan with out cutting into your own budget . We all know the US economy is not doing so great. Below, are five quick and easy tax tips for you to be able to donate to the citizens of Japan and still keep your everyday spending as low as possible:

  • Buy your business supplies from organizations that will donate a portion of the proceeds to Japan. Many small business are teaming up with non-profit organizations who are willing to give a percentage of the proceeds spent on common day items used by small businesses to non-profit organizations that are donating to the relief efforts in Japan.
  • Use a portion of your small business advertising budget to donate to the relief efforts in Japan and still get a small business tax break. As a small business, you may notice that a lot of people want to do business with companies that support humanitarian efforts. If you use a portion of your small business advertising budget to donate to Japan, and make sure your customers know about it you will see yourself generating more business. A simple tag line on your emails or other materials that goes out to customers could simple state “our small business or company supports the relief efforts in Japan”.
  • Simply donate to an organization that supports the relief efforts in Japan and get a tax deduction. This charitable donation can be used as a tax write off in the year the donation is made. Most small business are looking for ways to lower their income taxes and what better way to do so then to have your small business donate to the relief efforts in Japan.
  • Create a non-profit organization of your own and use it to donate directly to the relief efforts in Japan. A really smart small business strategy is for the owners of the business or the small business to create a non-profit organization that runs along side their for profit business. This is a great income tax strategy that can be used to lower your small business income taxes and give you a great opportunity for a tax write off. You can have your small business donate to your non-profit organization and get an upfront tax write off which will lower your small business income taxes. The money you donate to the non-profit can be used to further your efforts to assist with the relief efforts in Japan according to how you want them to be used. You may want to donate to help feed the citizens of Japan, you may want to donate to help with the Nuclear reactors or you may want to help with the flooding the went on In Japan after the Tsunami. Either way, having a non-profit as a small business owner makes great tax since and will help you lower your over all small business taxes.
  • Run a marketing campaign to help raise money for the relief efforts in Japan. Make an announcement to your customers that on a particular day, you are willing to donate a percentage of your business proceeds to the relief efforts in Japan. You will see a surge in business and then will get a small business tax deduction by making the donation. This is a win win situation for you, your customers and Japan.