How does a charitable donation to a non profit affect taxes for a business?
As a business owner. Lets say Hanes Clothing Company. If they were to donate clothing that equaled $5,000 to a legit non profit 501(c)3 and of course had their documentation for it. Would they not have to pay taxes on the $5,000, or would they receive a $5,000 credit from the IRS, which in return would replace the $5,000 all together.
Also how much can a business donate to a legit non profit a year if they were to receive the full credit from the IRS or if they were to receive a deduction as an individual would?
The reason I ask is because I am donating my time and creativity for a 501(c)3 and also trying to help raise funds and and items for them to help their cause financially. (can i get a tax deduction for building a website from them as in donating my personal creativity?)
Just a side note, The non profit is a wonder organization that rescues exotic animals (instead of them being put down or shipped to an area that they would not survive very long) and helps to educated many different people about the awareness of how these animals are important to nature and educate them on the species themselves. Also, when it comes to their animals, they spare no expense for their care. If you would like to know more about the organization, you can email me at firstname.lastname@example.org.
I know this is a great wall of text, but thank you ahead of time for your answers to these many questions.