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Isn't sending to charity the exact same tax benefit as buying some equipment that is a corporate expense? Like, you're not literally offsetting taxes, you're ju
by tunesmith 9y ago
Isn't sending to charity the exact same tax benefit as buying some equipment that is a corporate expense? Like, you're not literally offsetting taxes, you're just buying stuff for 25% off (or whatever your tax rate is). So with charity, you're making a $1,000 donation to charity, but getting $250 back from the government. You're still out $750 net though.
- mkirklions 9y agoI was told from a college kid(dont trust), that its a 100% back on your taxes. Anyone verify?
- kat 9y agoIf you're Canadian, 100% back is not possible. Here's the CRA page with an example: https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/calculate-charitable-tax-credits.html https://www.canada.ca/en/revenue-agency/services/charities-g...
- Consultant32452 9y agoThat's definitely not how it works in the US. Let's say you're in the 25% tax bracket. You have $100 in earnings. Normally, you would pay a $25 tax and have $75 left. If you donate that $100 to charity you simply don't have to pay the $25 tax. You're still out there $100.