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InvisibleShiithead
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Registered: 04/05/13
Posts: 9,997
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Donating to charity tax deductions
    #26396825 - 12/23/19 05:49 AM (4 years, 1 month ago)

How does this work?


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InvisibleCrazy_Horse
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Registered: 08/15/16
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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)

Give to charity
get receipt
give receipt to accountants
profit


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InvisiblefeeversM
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Registered: 12/28/10
Posts: 8,546
Loc: Flag
Re: Donating to charity tax deductions [Re: Crazy_Horse] * 2
    #26396892 - 12/23/19 07:16 AM (4 years, 1 month ago)

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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Invisiblecannabinated
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Registered: 01/03/13
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Re: Donating to charity tax deductions [Re: feevers]
    #26396913 - 12/23/19 07:40 AM (4 years, 1 month ago)

its all the rage these days for funding shady shit


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InvisibleTulipslave
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Registered: 07/25/17
Posts: 11,111
Re: Donating to charity tax deductions [Re: cannabinated]
    #26397134 - 12/23/19 10:22 AM (4 years, 1 month ago)

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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InvisibleAhab McBathsalts
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Re: Donating to charity tax deductions [Re: Shiithead]
    #26398181 - 12/23/19 07:45 PM (4 years, 1 month ago)

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.


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Offlinechristopera
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Registered: 10/13/17
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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)

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.


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InvisibleAhab McBathsalts
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Re: Donating to charity tax deductions [Re: christopera]
    #26398320 - 12/23/19 09:22 PM (4 years, 1 month ago)

This guy understands marginal tax rates.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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