These corporations and their write offs...what do you think?

IRS Issues
21

@Eli
They don’t include it in their profit. It’s recorded as a liability, not as revenue.

22

Darby said:
@Eli
They don’t include it in their profit. It’s recorded as a liability, not as revenue.

Exactly. It’s just like collecting sales tax.

23

Taj said:
[deleted]

No, you don’t get a pre-tax deduction for charitable donations. Any donations from your paycheck are after-tax, and you can only deduct them if you itemize. No pre-tax benefit unless the law changes.

24

Taj said:
[deleted]

Correct, if you don’t itemize, there’s no tax benefit for your donations. And remember, the tax savings from a deduction is only a percentage of the donation, based on your tax rate. So if you donate $100, you might save $10 to $37, depending on your tax bracket.

25

Taj said:
[deleted]

There’s no benefit to the company either. They still have to handle the compliance costs for processing the donations, so it’s more of a hassle than anything.

26

I remember going to a movie theater and being asked to donate to a charity. I politely decline if I don’t feel strongly about the cause, but the cashier straight-up asked, ‘How much would you like to donate?’ That’s not how you ask for a donation.

27

I don’t mind it as long as I get a donation receipt and the company matches what I donate. My charity gets double the money, so I’m happy.

28

I’m still not donating. I don’t like billion-dollar corporations asking me to donate. How about they give some of their profits instead?

29

Wade said:
I’m still not donating. I don’t like billion-dollar corporations asking me to donate. How about they give some of their profits instead?

This guy is basically saying, ‘Screw the rich and screw the poor.’ He’s hilarious.

30

@Skylar
I grew up poor, and no one helped me. Being poor builds character. So yeah, screw 'em.

31

Wade said:
@Skylar
I grew up poor, and no one helped me. Being poor builds character. So yeah, screw 'em.

That only works if you actually have a way out of poverty. A lot of people don’t.

32

@Darby
My mom was fired for stealing celebrity addresses to mail them to her ex. Is that a path to success?

33

Wade said:
@Darby
My mom was fired for stealing celebrity addresses to mail them to her ex. Is that a path to success?

That’s a rough start, not a path.

34

Darby said:

Wade said:
@Darby
My mom was fired for stealing celebrity addresses to mail them to her ex. Is that a path to success?

That’s a rough start, not a path.

Don’t all paths start somewhere?

35

@Wade
Yeah, but that’s not the point. Some people have more advantages, even with rough starts.

36

I only donate at the local bakery. They’ve been around forever and do so much for the community. I’m fine if they use my donation for a tax write-off.

37

Jules said:
I only donate at the local bakery. They’ve been around forever and do so much for the community. I’m fine if they use my donation for a tax write-off.

You’re missing the point. The person in the post doesn’t understand that companies can’t use those donations for tax write-offs.

38

Jules said:
I only donate at the local bakery. They’ve been around forever and do so much for the community. I’m fine if they use my donation for a tax write-off.

Exactly, what an idiot.