Don't we all hate this
Don't we all hate this
The store takes your donation, then they donate it and take all the credit.
“Store name” donated $1 million to XYZ Charity.
Assuming the business is following the law, it will not include your donation as part of its business receipts, or income, nor will it claim the charitable gift as an expense.
In other words, your gift has zero impact on the store’s income taxes. Keep in mind that the store chooses the receiving charity, so make sure it is one you can support. As a customer, the donation will appear on your receipt and you can claim it as a charitable deduction when you file your income tax return.
The receipt thing is a lifeprotip. I didn’t know that.
I always donate directly to organizations because I didn’t think I could get taxes back on it if you donate in a store.
Thank you.