For the most part people don’t understand tax deductions and how they work, but this is true in the case of “donations in kind” of assets that are either overvalued or were going to be disposed of anyways.
The ideal charitable donation disposes of something you were going to have to pay to get rid of, generates a tax deduction, and makes you look good at the same time.
Perfect example is bogus environmental projects like building a reef out of old tires. It’s win/win/win until everyone finds out that something in the tires actually kills fish
Yeah they send old medicines to Africa too, some poor hospital on Kenya gets 100,000 expired doses of a medicine they don’t even need if they could use it and then they have to pay to dispose of it while the company saves that fee and gets a tax write off
For the most part people don’t understand tax deductions and how they work, but this is true in the case of “donations in kind” of assets that are either overvalued or were going to be disposed of anyways.
The ideal charitable donation disposes of something you were going to have to pay to get rid of, generates a tax deduction, and makes you look good at the same time.
Perfect example is bogus environmental projects like building a reef out of old tires. It’s win/win/win until everyone finds out that something in the tires actually kills fish
Yeah they send old medicines to Africa too, some poor hospital on Kenya gets 100,000 expired doses of a medicine they don’t even need if they could use it and then they have to pay to dispose of it while the company saves that fee and gets a tax write off