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Shiithead
Your Huckleberry



Registered: 04/05/13
Posts: 9,997
Loc: God's Flat Green Earth
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Donating to charity tax deductions
#26396825 - 12/23/19 05:49 AM (4 years, 1 month ago) |
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How does this work?
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Ephesians 6:12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Psalm 12:6 The words of the Lord are pure words: as silver tried in a furnace of earth, purified seven times. Hebrews 11:3 Through faith we understand that the worlds were framed by the word of God, so that things which are seen were not made of things which do appear. Revelation 3:11 Behold, I come quickly: hold that fast which thou hast, that no man take thy crown.
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Crazy_Horse
I’m Rick James, bitch!


Registered: 08/15/16
Posts: 13,283
Loc: Hampsterdam
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Re: Donating to charity tax deductions [Re: Shiithead] 1
#26396862 - 12/23/19 06:40 AM (4 years, 1 month ago) |
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Give to charity get receipt give receipt to accountants profit
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feevers


Registered: 12/28/10
Posts: 8,546
Loc:
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Re: Donating to charity tax deductions [Re: Crazy_Horse] 2
#26396892 - 12/23/19 07:16 AM (4 years, 1 month ago) |
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I think it just gets taken off your taxable income. So if make 50k and donate 5k, you'll only pay taxes on 45k.
I believe you can't take the standard deduction if you itemize donations though, so you'd need to donate over like 12k and if you're in a lower tax bracket the benefit won't be much
I also have very little clue what Im talking about though.
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cannabinated


Registered: 01/03/13
Posts: 14,743
Loc: Outside
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Re: Donating to charity tax deductions [Re: feevers]
#26396913 - 12/23/19 07:40 AM (4 years, 1 month ago) |
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its all the rage these days for funding shady shit
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Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,111
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Re: Donating to charity tax deductions [Re: cannabinated]
#26397134 - 12/23/19 10:22 AM (4 years, 1 month ago) |
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Quote:
cannabinated said: its all the rage these days for funding shady shit
no no, those are "Foundations" aka, Clinton Foundation, Obama Foundation, Trump Foundation, etc....
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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: Donating to charity tax deductions [Re: Shiithead]
#26398181 - 12/23/19 07:45 PM (4 years, 1 month ago) |
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The individual traditional 401k or IRA is a better way to reduce your tax bill, but giving for the sake of giving is the best plan.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 54 minutes, 17 seconds
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Re: Donating to charity tax deductions [Re: Shiithead] 1
#26398312 - 12/23/19 09:17 PM (4 years, 1 month ago) |
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Donate if you want to donate. Donate if you want to keep your taxable income below a certain threshold, there are a few reasons to do so. Many think that there's a threshold where you make more money, but then pay a much higher tax rate, that you in fact end up with less money. That's impossible under the current tax code. So don't ever donate to move down a bracket unless you have other legitimate reasons to do so.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
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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: Donating to charity tax deductions [Re: christopera]
#26398320 - 12/23/19 09:22 PM (4 years, 1 month ago) |
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This guy understands marginal tax rates.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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