I run a food shop as a Schedule C business. If I donate food from it to a charity, may I get an extra deduction for a charitable contribution?
You can certainly make a charitable contribution of food and deduct your basis in it (its cost to you) on Schedule A on your tax return (assuming that you have enough deductions to itemize). But it won’t be an extra deduction, because you cannot deduct the cost of your food inventory as “cost of goods sold” on your Schedule C.
