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When you're at a fast food drive thru and they offer to round up for a charity cause, YOU can claim that write-off donation on your taxes, not the restaurant. Of course virtually nobody would do that unless you save your receipts and tally them up next year... but you can!
but then you have to do itemized deductions which takes forever and unless you're mister moneybags or in an unconventional life situation, the standard deduction is almost definitely better. also tax write offs are not free money, you still gave the money to some sketchy "charity" it's just the government doesn't get a slice of that.
All true... I'm just pointing it out because people are constantly railing about how the donation is supposedly a "free writeoff for the big businesses!111" when in reality isn't true. I hate shitty big restaurants as much as the next guy but this ain't it
Related, I tire of explaining tax deductions are over valued. It's a net loss to you to spend money on something deductable and claim the deduction. If you have $100, the government takes $20 and you get $80. If you give that $100 to charity, you have $0, the government gets $0, and the charity has $100.
Deductions are only good if you value the thing that the money went to.
I thought you couldn't even write off charity unless it was some stupidly high amount. Last time I looked into it, it basically just seemed like a tax grift for rich people
You need to have enough to make it worthwhile over the standard deduction. That's 14.6k in donations, mortgage interest, state taxes paid, and other things like that.
I think it's because for most people the standard deduction is way higher than itemized.
You only get a percentage, depending on your state. It's not much... not many people bother (big market for boomers lol)
I never thought about that, but it makes sense