Companies use those donations not in your name, but theirs and use it for tax’s. Because you can write off charitable donations. So imagine how much they can write off.
This is assuming that these entities follow such tax laws to a T - doubtful. Let’s remember that we’re referring to the companies which have greedily jacked up prices by over 30%, excluding inflation, on nearly everything in the past 3 years while people are struggling to get by
If a company wanted to commit tax fraud there are countless better ways to do it. Not to mention the defense can’t be that they will simply commit tax fraud and do it anyway. You cannot just make up scenarios in your head where companies commit crimes in order to justify why a company shouldn’t be allowed to do a perfectly legal thing.
A corporation is entitled to a tax deduction for the donation amount against their income. By reducing taxable income, the corporation reduces their tax liability. A corporation does not need to claim the full donation in a particular year. Donations can be carried forward for up to five years. Generally, a corporation can claim a deduction for charitable donations up to 75% of the corporation’s net income for the year.
Companies use those donations not in your name, but theirs and use it for tax’s. Because you can write off charitable donations. So imagine how much they can write off.
No they don’t. That’s illegal and heavily audited by the government.
This is assuming that these entities follow such tax laws to a T - doubtful. Let’s remember that we’re referring to the companies which have greedily jacked up prices by over 30%, excluding inflation, on nearly everything in the past 3 years while people are struggling to get by
If a company wanted to commit tax fraud there are countless better ways to do it. Not to mention the defense can’t be that they will simply commit tax fraud and do it anyway. You cannot just make up scenarios in your head where companies commit crimes in order to justify why a company shouldn’t be allowed to do a perfectly legal thing.
Corporate donation tax deduction
A corporation is entitled to a tax deduction for the donation amount against their income. By reducing taxable income, the corporation reduces their tax liability. A corporation does not need to claim the full donation in a particular year. Donations can be carried forward for up to five years. Generally, a corporation can claim a deduction for charitable donations up to 75% of the corporation’s net income for the year.