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.
I prefer “NSA” to “IANAL” because “No soy abogado” means “I’m not a lawyer” in spanish, which is nice because then we don’t have to inadvertently think OP just told everyone he engages in anal sex every time we see the acronym.
I thought so too.
https://taxpolicycenter.org/taxvox/who-gets-tax-benefit-those-checkout-donations-0
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.
Are your itemized deductions usually more than the standard deduction? If not it’s pointless to claim it.
IANAL! Double check.
I prefer “NSA” to “IANAL” because “No soy abogado” means “I’m not a lawyer” in spanish, which is nice because then we don’t have to inadvertently think OP just told everyone he engages in anal sex every time we see the acronym.
Yeah, non-sexualized anal is totally better ;-)
But then people just think you’re a dirty government spy. I prefer “IDPL” for “I don’t practice law” because it’s fun to pronounce.
Ah yes I like IDPL better. Let’s promote it until everyone adopts it.