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  • Are penalties or illegal activity fines tax deductible for a C corporation

    No, penalties and illegal activities will not be deductible for C Corps.

  • Are political and lobbying expenses tax deductible for a C corporation?

    No. Payment submitted to a political party, or those made for lobbying support, will not be deductible for C Corps.

  • Can an S corporation take a deduction for charitable contributions?

    No, S Corporations are not allowed to deduct charitable contributions on the tax return. Charitable contributions would be separately stated and included on the K-1 for the individual taxpayer: