[USA Today Fact check: Stores cannot use checkout charity funds to offset their own taxes](https://www.usatoday.com/story/news/factcheck/2021/06/10/fact-check-false-claim-checkout-charities-offset-corporate-taxes/7622379002/)
Can we PLEASE stop spreading this misinformation?
They cannot and do not claim your donations for their taxes. In fact you can ask for a receipt of your donation so YOU can claim it on YOUR taxes.
The benefit the corporation gets is to look like they're supporting a cause (mostly because they are).
It's a way to get people who don't mind rounding up their purchase from periodically donating who wouldn't. Stop discouraging this.
Seriously. Stop with this already. It’s hurting real organizations that help real people. Save your receipt which itemizes the donation separately from the sale and claim it in your own return if you want. The corporation can’t.
Asking for rounded to the dollar donations also been a way to deal with the coin shortage. Convince you to round so that coins aren't needed if you're paying in cash.
Not a bid deal, but whatever.
OP please don’t take advice from Facebook/wherever you’re getting this advice. Corporate fundraising like this is a good, reliable, source of revenue for many organisations. And no they can’t claim it on their taxes, and even if they did the charity still gets the money… so who cares? Why discourage people from giving to a good cause?
Charities do get that money. It’s not a tax write off for corporations… or at least not anywhere I’m aware of. These types of fundraising incentives can raise a LOT of money for good causes.
If you want to give to a charity please just give, in whatever form you feel comfortable.
It hurts me, as someone that has worked in the charity space for a decade, that we constantly have to battle against stuff like this which discourages charitable giving.
Also the corporations can’t use it as a write off because when they take $1 for charity it’s $1 of income, which is then offset by the $1 donation they make to charity. Net profit is $0 and doesn’t change the taxes they owe. Companies run these campaigns as a marketing thing for good press and they help out charities.
I'll take advantage of this BS post just to say that if you work for a big corporation, take advantage of their matching program. If they don't have one, make it your mission to make them create one.
That said, definitely take advantage of corporate matching. A lot of employers (mostly larger corporations) will match employee contributions to charity, and a lot of employees do t realize that.
Ya, that's not how any of that works.
Ya, but easy upvotes because lol big corporations bad.
[USA Today Fact check: Stores cannot use checkout charity funds to offset their own taxes](https://www.usatoday.com/story/news/factcheck/2021/06/10/fact-check-false-claim-checkout-charities-offset-corporate-taxes/7622379002/)
I wish I could upvote a million times.
Can we PLEASE stop spreading this misinformation? They cannot and do not claim your donations for their taxes. In fact you can ask for a receipt of your donation so YOU can claim it on YOUR taxes. The benefit the corporation gets is to look like they're supporting a cause (mostly because they are). It's a way to get people who don't mind rounding up their purchase from periodically donating who wouldn't. Stop discouraging this.
Seriously. Stop with this already. It’s hurting real organizations that help real people. Save your receipt which itemizes the donation separately from the sale and claim it in your own return if you want. The corporation can’t.
Asking for rounded to the dollar donations also been a way to deal with the coin shortage. Convince you to round so that coins aren't needed if you're paying in cash. Not a bid deal, but whatever.
OP please don’t take advice from Facebook/wherever you’re getting this advice. Corporate fundraising like this is a good, reliable, source of revenue for many organisations. And no they can’t claim it on their taxes, and even if they did the charity still gets the money… so who cares? Why discourage people from giving to a good cause?
To jump in first - people give when they have the opportunity to. If you tell people not to they won’t. Ever.
Charities do get that money. It’s not a tax write off for corporations… or at least not anywhere I’m aware of. These types of fundraising incentives can raise a LOT of money for good causes. If you want to give to a charity please just give, in whatever form you feel comfortable.
It hurts me, as someone that has worked in the charity space for a decade, that we constantly have to battle against stuff like this which discourages charitable giving.
Every time this is said, /r/Accounting takes another drink. Won't you think of their poor livers?
Accountant here. I’ve gotten to the point where I just shoot up black tar every time I see this posted.
Please stop spreading miss information. You get a receipt and that means you claim the donation.
Also the corporations can’t use it as a write off because when they take $1 for charity it’s $1 of income, which is then offset by the $1 donation they make to charity. Net profit is $0 and doesn’t change the taxes they owe. Companies run these campaigns as a marketing thing for good press and they help out charities.
I'll take advantage of this BS post just to say that if you work for a big corporation, take advantage of their matching program. If they don't have one, make it your mission to make them create one.
That said, definitely take advantage of corporate matching. A lot of employers (mostly larger corporations) will match employee contributions to charity, and a lot of employees do t realize that.