It decreases your tax burden in the same way that giving away all of your money to charity decreases your tax burden.
And in case people need it cleared up: Donating at a register during checkout also does not help the company on their taxes. Its the same as you donating individually except they get the PR for it.
Them getting the PR for it is a financial inventive (future sales) even if it doesn’t save them money on their annual balance sheets. It is comparable to advertising.
Yep but honestly I still don’t think the benefit matches what they spend. Especially true since they often match donations or make their own large donations.
And after all, if they’re helping money go to charity by advertising it to their customers, I’m fine with them getting a little benefit in return.
That’s a wild misrepresentation of how write-offs work.
If your tax rate is 30% and you make write off a charitable donation of $100, your tax bill goes down $30. Spending 100 dollars to save 30 isn’t the key to riches.
There’s no way to save money through charitable donations.
The implication was that they make donations for the write-offs. That’s not accurate, because it’s never cheaper to make a donation and write it off than it is to just pay the taxes.
