allowable llc deductions-charitable donations Hi...I am wanting to set up an LLC in wyoming that will be involved in commerce(selling products to raise money for charity)...if the people that will be involved to help sell the products are willing to donate their time and not be paid can all/100% of the profits that come into LLC pass through or be paid to an organization that has a tax exempt status ein issued from the IRS(a 501C3 I THINK)--with all of the money being donated to the charity....I am assuming the LLC will probably be flagged for audit but we don"t care as long as what we are doing is allowable & in compliance w the IRS code??Thank you for your helP. This is in NC(LLC set up in WY and products sold mainly on Internet in all states). Also what would be the maximum that could be donated to the charity by an individual and be tax deductible on their tax return?? |