
For years, information has circulated on the internet about why you shouldn’t donate to a charity at the cash register. It’s easy to believe that it just benefits the company. Is that true?
The truth is that although stores do benefit from charitable donations, the real beneficiaries are the charity receiving the funds and the person making the donation—or, in other words, you, the customer.
The charities, of course, benefit the most. Though your donation might seem small, the accumulated total across all stores by donors can raise millions for charities. Stores generally claim tax benefits if they match those donations. However, the people who miss out are the customers. Here’s why.
Every donation you make can be claimed as a tax deduction. However, nine out of ten people who round up or donate don’t claim them. Without receipts, you can claim up to $300 in donations on your tax return. However, if you can prove all your donations, you can claim up to 60% of your adjusted gross income.
Not everything you see or hear on the internet is true. What is true, however, is that Black shoppers with big hearts who donate to charities at the register are missing out on vital tax deductions. While being generous with your donations during the holiday season, remember to claim them for yourself during tax season.