Charitable donations from S-Corp
I am the owner/sole employee of my S-corp. Can my S-corp make charitable donations (assuming cash donation and getting receipt from the charitable organization)? Is this a qualified expense for my S-corp?
I personaly don't itemize on 1040 and every year I donate more than $1000. Assuming I am at 25% tax bracket, I can save $250 by donating from my S-corp.
How to handle this in Quick Books ?