Taxes on books sold for charity

Hello,

 

so I aold about 450 copies of my book this year and it made about $1500 in profits. All proceeds go to charity but as I got the federal taxes out of it about $1000 is left. That is not even accounting for income tax. I am planning on dividing the money through the different charities in about a month (1 yr anniversary of publishing)

I am sort of clueless about this stuff, is there a way I could pay less tax on it?

thanks!

Comments

  • I doubt it, not unless you yourself are a charity, which it does not sound as if you are.

    I think that if you are a business, though, you can offset gifts to charity against tax.

     

    But I speak in the UK.

     

    But it's best if you read this, because it could depend on what you put on your tax returns forms >>

     

    http://www.charitynavigator.org/index.cfm?bay=content.view&cpid=31

  • I am not a lawyer, so this is only my opinion.

    I suppose you live outside the USA, like me.

    If you donate the royalties paid to you by Lulu to a licenced charity, this charity will deliver you a certificate of donation, and you will be able to add it to your 2016 declaration of revenue, that you will make in 2017. Part or the whole of it will be left untaxed depending on the tax laws of your country.

    As regards the 30% ($500) tax levied on your initial royalties, I just dont see how any fiscal system could refund it to you.

    Now, if you have filled the relevant form and sent it to Lulu, as I did, you won't be taxed again on the $1000 by your country, although you'll have to declare it.

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