For some states and municipalities (including New Jersey, Virginia and New York City), early November means election season. It’s important to remember that donations to political organizations and candidates aren’t tax-deductible. The prohibition is broad: You can’t, for example, deduct contributions made to political parties, campaign committees or even fundraising dinners if they benefit a political candidate, party or ballot position. This is true both for individuals and companies. Businesses that make in-kind donations or place paid advertisements in political publications or event programs also generally can’t deduct those costs.
