00:00Next time you're asked to round up your change in the checkout line, here are a few reasons
00:08you may want to think twice before donating.
00:11Obviously, the point of charity is not to be self-serving, but if you've held onto your
00:15receipts and you're hoping to catch a tax break with all those nickels and dimes you've
00:20donated, think again.
00:21The only way to claim the deduction for charitable contributions is by itemizing your deductions.
00:27But it probably makes more sense to just claim the standard deduction.
00:32Ever since it roughly doubled thanks to the Tax Cuts & Jobs Act of 2017, probably the best
00:38reason to hold onto your change is that you have no control over where the money is going.
00:44While it's reasonable to expect the businesses being honest about the charity in question,
00:49chances are you don't have the time to research it on the spot and there may be a more effective
00:54organization working towards the same goal.
00:57Similarly, the business likely isn't telling you how and when the donations are given.
01:03While you might like the idea of your donation making an immediate impact, there is no telling
01:08if the business is holding onto donations until it reaches a certain amount or sending them
01:13in batches over time.
01:15Nor do you know if the business is collecting donations as part of a pre-established legally
01:20binding agreement with an organization.
01:22As was the case in 2022 when pharmacy chain CVS was sued over a deceptive fundraising campaign
01:29to fulfill a $10 million commitment to the American Diabetes Association.
01:34.
01:40We'll be right back to the UNO Check engagement.
01:42We'll see you next December.
01:44.
01:45We'll be right back for now.
01:46We'll see you next November fir and see you goes next page on November 5, 2022.
01:48If we take emple ÀCLSич fare.
01:50We'll see you on Friday.
01:52Note that what we'm doing at this conference on Le� and then we'll try out for us.
01:53To.
01:54Click the right time behind the university and we'll see you again��veloving waktu.
01:56Before the national dinner discussion.
01:57We'll see you next time for us.
01:59We'll see you soon.
01:59걸 Birlovetico insurance.
02:00This has been an amazing team on October 5, 2021.
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