I’ve been told since you donate it’s a tax write off for yourself and therefore the company can’t double write it off on theirs. Not sure I believe that these companies follow the rules but that’s what I’ve been told.
Sure, the more correct wording would be “neither the customer nor the company are taxed on the donation”. Assuming the customer itemizes their taxes, which a you’ve pointed out is rare.
I’m trying to speak at the level of people who post stuff like the OP. Some of the details don’t shake out correctly but I’m not trying to get in the weeds of US tax code here if the main point holds up.
I’ve been told since you donate it’s a tax write off for yourself and therefore the company can’t double write it off on theirs. Not sure I believe that these companies follow the rules but that’s what I’ve been told.
When you make a donation, you will get a receipt for it and that’s what you use to declare it on your taxes.
The company taking your donation will have a copy of that receipt showing that you made the donation and not them.
What you were told isn’t true. Both you and the company are able to write it off.
Most Americans aren’t donating enough for it to affect their taxes, though.
Lol a donation cannot be written off by two entities. Americans would need to itemize their deductions, which very few do.
The company does not write off the donation. It’s not their donation, it’s your donation. The company is a collector only.
Sure, the more correct wording would be “neither the customer nor the company are taxed on the donation”. Assuming the customer itemizes their taxes, which a you’ve pointed out is rare.
I’m trying to speak at the level of people who post stuff like the OP. Some of the details don’t shake out correctly but I’m not trying to get in the weeds of US tax code here if the main point holds up.