But they aren’t the ones donating the money. It should be a tax deduction for

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Dec 3, 2024
12:47:48pm

SuperTank All-American

But they aren’t the ones donating the money. It should be a tax deduction for

the person who donated it, right?

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SuperTank

Bio page: SuperTank
Joined: Apr 21, 2010
Last login: Dec 3, 2024
Total posts: 48,957 (17,331 FO)

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Messages

Author

Time

Do these businesses that ask you if you want to round up for charity get a tax

SuperTank

Dec 3, 12:27pm

<< Deleted >>

Ragnar Danneskjold

Dec 3, 12:27pm

Yes I’m pretty sure. Which is why I never do it. They’re double dipping.

Chefcurry

Dec 3, 12:27pm

Logic would make me think they don't collect taxes on the donations, and they don't get to claim the benefit. But it's

Ragnar Danneskjold

Dec 3, 12:29pm

You're effectively reimbursing them for their donation.

d-coug

Dec 3, 12:29pm

100% incorrect.

TCuz

Dec 3, 12:48pm

"effectively"

d-coug

Dec 3, 12:51pm

No, it’s still wrong. They do not “write it off” nor is it their donation. It’s your donation

TCuz

Dec 3, 12:56pm

Sure, in the scenario they don't claim any donation themselves.

d-coug

Dec 3, 1:01pm

That’s a different scenario that not a single person in this thread is discussing

TCuz

Dec 3, 1:24pm

<< Deleted >>

TCuz

Dec 3, 12:55pm

Not if they’re following the law, no.

allaboutthegainz

Dec 3, 12:30pm

No, I mean they aren't paying taxes on it if that what you mean

cougarfann888

Dec 3, 12:32pm

If they round up $50k in donations and actually donate it then they should

ShinobiCoug

Dec 3, 12:36pm

But they aren’t the ones donating the money. It should be a tax deduction for

SuperTank

Dec 3, 12:47pm

What he's saying is they would be booking it as a revenue and an expense.

cougarfann888

Dec 3, 1:29pm

Exactly. Their taxable profit doesn't change. And if you make the donation then

ShinobiCoug

Dec 3, 1:43pm

No, they do not. Common internet myth.

TCuz

Dec 3, 12:47pm

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