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RetuenOfDevsman 05/17/24 9:04:22 AM #1: |
If you know anyone who is doing this, stop them and show them their own tax return from last year.
If you know any rich people who are donating to charity, I guarantee you their accountants are much too smart to let them do it for any reason other than actual charity. Or maybe publicity. --- There's a difference between canon and not-stupid. ... Copied to Clipboard!
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DKBananaSlamma 05/17/24 9:05:24 AM #2: |
What about donating to charity because it's the right thing? >_>
--- RIP Hornyposting on CE >_> 1999-2024 ... Copied to Clipboard!
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RetuenOfDevsman 05/17/24 9:07:18 AM #3: |
DKBananaSlamma posted...
What about donating to charity because it's the right thing? >_>I know, imagine that. --- There's a difference between canon and not-stupid. ... Copied to Clipboard!
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Turbam 05/17/24 9:08:05 AM #4: |
It's because it's an itemized deduction.
You can only take either the standard deduction, or your itemized deduction. If all you are itemizing is donations to charity, it is extremely unlikely that it'll be higher than the standard deduction. --- ~snip (V)_(;,;)_(V) snip~ I'm just one man! Whoa! Well, I'm a one man band! https://imgur.com/p9Xvjvs ... Copied to Clipboard!
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RetuenOfDevsman 05/17/24 9:11:18 AM #5: |
Turbam posted...
It's because it's an itemized deduction.That is not even close to the only reason. --- There's a difference between canon and not-stupid. ... Copied to Clipboard!
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TMOG 05/17/24 9:13:57 AM #6: |
If rich people want to donate to charity for the tax break/publicity, I'm actually pretty fine with it because the charity still gets their money. Kind of a win-win situation. As long as it's not an awful charity, of course. ... Copied to Clipboard!
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Giant_Aspirin 05/17/24 9:19:29 AM #7: |
what if i need to lower my income by $1k to qualify for a Roth IRA contribution?
RetuenOfDevsman posted... That is not even close to the only reason. can you please explain them, since the rest of us aren't as knowledgeable? --- I hope something good happens to you today Playing: God of War: Ragnarok ... Copied to Clipboard!
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Jerry_Hellyeah 05/17/24 9:32:54 AM #8: |
Guys, we live on planet earth, and like with most things here, it just kinda depends on the situation.
--- This is a cool sig ... Copied to Clipboard!
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realnifty1 05/17/24 9:53:57 AM #9: |
You clearly don't know how to rich person.
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Giant_Aspirin 05/17/24 9:57:08 AM #10: |
^ literally the Trump family
--- I hope something good happens to you today Playing: God of War: Ragnarok ... Copied to Clipboard!
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VeggetaX 05/17/24 9:58:34 AM #11: |
realnifty1 posted...
You clearly don't know how to rich person.I'm donating to myself and I'm also getting a tax break --- Don't like it? Don't watch it. It's that simple Dictator of Nice Guys ... Copied to Clipboard!
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RetuenOfDevsman 05/17/24 9:59:05 AM #12: |
Giant_Aspirin posted...
what if i need to lower my income by $1k to qualify for a Roth IRA contribution?Good question. This might be a fringe case in which it could help. I hadn't thought of that. Giant_Aspirin posted... can you please explain them, since the rest of us aren't as knowledgeable?The short of it is, it's not a 1:1 deduction. There are limits and rates and such that ensure it. --- There's a difference between canon and not-stupid. ... Copied to Clipboard!
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Solid_Snake07 05/17/24 10:00:46 AM #13: |
No one is donating cash to charity for the tax write off, lol
--- "People incapable of guilt usually do have a good time" -Detective Rust Cohle ... Copied to Clipboard!
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tankboy 05/17/24 10:02:07 AM #14: |
The amount we donate (money and items), along with retirement saving and mortgage interest, makes itemizing a better choice for us. It's not a way to "come out ahead"; it's a way to not have to pay taxes on money that isn't "yours" (because you gave it away). ... Copied to Clipboard!
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RetuenOfDevsman 05/17/24 10:04:36 AM #15: |
Solid_Snake07 posted...
No one is donating cash to charity for the tax write off, lolExactly. --- There's a difference between canon and not-stupid. ... Copied to Clipboard!
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DarkAssassin89 05/17/24 10:06:46 AM #16: |
I donate to some charities because I support the cause or the people sponsoring them. Sure Ill take the tax receipt but thats hardly the motivation.
--- Dark89 ... Copied to Clipboard!
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DKBananaSlamma 05/17/24 12:50:16 PM #17: |
Giant_Aspirin posted...
what if i need to lower my income by $1k to qualify for a Roth IRA contribution?Do a backdoor roth IRA instead --- RIP Hornyposting on CE >_> 1999-2024 ... Copied to Clipboard!
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Tyranthraxus 05/17/24 12:55:10 PM #18: |
RetuenOfDevsman posted...
If you know anyone who is doing this, stop them and show them their own tax return from last year. It depends on your tax laws. There's a wildlife conservation charity in GA you can donate to that lets you deduct more than you donate. This can be used to lower your tax bracket to pay even less taxes and meanwhile the money is going to good environmental causes. Depending on how much money you make this might be a good strategy or at worst a way to redirect your tax money into something you care about personally rather than whatever the state / irs says it should go to. And rich people do everything they can to dodge taxes. They aren't paying them. --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg ... Copied to Clipboard!
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realnifty1 05/17/24 3:54:28 PM #19: |
Tyranthraxus posted... This can be used to lower your tax bracket to pay even less taxes and meanwhile the money is going to good environmental causes. There is a common misconception around this, but that is not how tax brackets work. The tax rate on a bracket is only applied to the money in the range of that bracket, not all the money you earned. Simple demonstrative example; there are two tax brackets, 10% for 0-100,000 and 20% for 100,000+ If you earned 150,000 dollars you do not owe 30,000 (20%) of that, you owe 10% on the first 100,000 and 20% of the 50,0000 making your tax bill 20,000. Doing things to lower the tax bracket does not change your actual rate you are paying on a dollar for dollar basis. ... Copied to Clipboard!
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David1988 05/17/24 3:55:58 PM #20: |
Can you donate to charity to get a lower tax bracket? I dunno how taxes work.
--- "The age of men is over, the time of women have come" - God ... Copied to Clipboard!
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TheMikh 05/17/24 3:56:34 PM #21: |
realnifty1 posted...
1. Start a charitable foundation with myself as the sole head thereof. this pretty much RetuenOfDevsman posted... Or maybe publicity. and this --- http://i.imgur.com/A0TAfek.png ... Copied to Clipboard!
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Solid_Snake07 05/18/24 5:02:53 PM #22: |
David1988 posted...
Can you donate to charity to get a lower tax bracket? I dunno how taxes work. income tax is based upon what bracket that income falls within, not what your total income falls within. for instance, the biggest tax jump is somewhere around 45k, where your tax rate goes from 12% to 22%. So if you made 46k you would only be taxed 22% on the 1k that you made over the 45k bracket shift. Whatever income you made between 11k and 45k tax bracket would be taxed at 12% and so on and so forth --- "People incapable of guilt usually do have a good time" -Detective Rust Cohle ... Copied to Clipboard!
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