You’re wrong. Companies that collect donations on behalf of a charity can’t deduct a single penny of it.
Comment on THIS always annoys me.
MagosInformaticus@sopuli.xyz 14 hours ago
The purpose of these is that the company gets to deduct charitable donations from its revenue before taxation. Even if you are in a position to give you probably shouldn’t use this method. If they’ll actually open their own wallet in e.g. a fund matching program, there might be net benefit, but don’t do it just to help companies avoid their fair share of taxes.
entwine413@lemm.ee 12 hours ago
surewhynotlem@lemmy.world 13 hours ago
This isn’t correct.
If they get an extra million in these donations, they can deduct that extra million. It’s a net zero improvement. It does not help them at all financially.
But it’s free good will and they can advertise that THEY donated a bunch. It’s just to make them look good.
entwine413@lemm.ee 12 hours ago
They can’t actually deduct a penny from it.
surewhynotlem@lemmy.world 11 hours ago
They can claim it’s not income and they’re simply passing the money through. They don’t pay taxes on it.
entwine413@lemm.ee 11 hours ago
Because it’s not income and they’re just passing the money through. Why would they pay taxes on it?