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HamHead
Hard Ass Motherfucker



Registered: 03/17/15
Posts: 6,107
Loc: Galactic sector ZZ9 Plura...
Last seen: 2 years, 8 months
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A question about donations and taxes 1
#26385491 - 12/16/19 04:52 PM (4 years, 1 month ago) |
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So if I make a substantial donation and claim it on my taxes, I get my donation back? Correct me if I'm wrong.
If I hold a rally and gather a bunch of money from other people and donate it, can I claim it and would I get any?
-------------------- The Italian researchers’ findings, published by the INT’s scientific magazine Tumori Journal, show 11.6% of 959 healthy volunteers enrolled in a lung cancer screening trial between September 2019 and March 2020 had developed coronavirus antibodies well before February. https://www.reuters.com/article/us-health-coronavirus-italy-timing-idUSKBN27V0KF This online first version has been peer-reviewed, accepted and edited, but not formatted and finalized with corrections from authors and proofreaders https://www.icandecide.org/
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB
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Re: A question about donations and taxes [Re: HamHead] 2
#26385506 - 12/16/19 05:05 PM (4 years, 1 month ago) |
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https://www.irs.gov/taxtopics/tc506
Quote:
You can only deduct charitable contributions if you itemize deductions. To be deductible, you must make charitable contributions to qualified organizations. Contributions to individuals are never deductible.
A deduction only reduces your taxable income, so you are only getting like 29% back.
Say you make $50,000 and you donate $1000 at a 29% marginal tax rate (probably high for the USA). Your tax payable drops from 14,500 to 14,210. So $290 for a $1000 donated, plus you have have a fairly large income to make it worthwhile.
But like when corporations ask for a dollar at the til when you checkout, I'm sure they compile those and donate them from the corporation and take that sweet tax break on the backs of their customers.
You are better off holding a fake rally and pocketing the money if you are thinking about tax fraud.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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