I’ve seen large corporations brag about donating large sums of money to charity.
Are donations collected at checkout (E.G Checking out at Publix and the cashier asks “Would you like to donate to cancer research?”) included in those sums?
Are donations collected used for tax benefits of the corporation?
In: Economics
If they take in $1M in donations, they can claim $1M in write-offs only if they also claim an extra $1M in income. Or they can choose to not do either and it is the same either way.
[edit] Just to be specific, what I typed was essentially, “they get no tax benefit either way”.
$1M in revenue with a $1M write-off is $0 taxes due.
$0M in revenue with a $0M write-off is $0 taxes due.
Whether it is claimed or not does not provide a financial benefit to the company.
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