Corporations, unfortunately, aren’t inclined to give without incentivization. Even necessities, such as food, are often disposed of rather than donated to nonprofit organizations. In recent years, unfavorable tax legislation has led to a decline in food donations because corporations feared civil and criminal liabilities. New tax laws, however, provide necessary legal shelter and offer generous tax breaks—the floodgates for giving are now open.
Every year, workers and business owners embark on tax-filing journeys that are often confusing but highly beneficial. As many are aware, tax refunds and tax breaks in the form of deductions can drastically reduce liability. While scanning your favorite tax preparation website, it’s important to know that tax credits and deductions are stark contrasts but work in tandem with each other.