3 ms·
Relevant: http://gizmodo.com/how-an-engineer-earned-1-25-million-air-miles-by-buying-1339646546 http://gizmodo.com/how-an-engineer-earned-1-25-million-air-m...
by Loque 11y ago
Relevant: http://gizmodo.com/how-an-engineer-earned-1-25-million-air-miles-by-buying-1339646546 http://gizmodo.com/how-an-engineer-earned-1-25-million-air-m...
- jdmichal 11y ago> ... a one time cost of a little over $3000 (or a little over $2200 if you subtract the tax deduction) ... How do people still not understand the difference between a tax deduction and a tax credit? Deductions reduce your income, not your tax burden. Even at the highest 31% bracket for 1999, that deduction is only worth $248.
- bpeebles 11y agoMy reading is that he was able to donate nearly all of the $3,000 worth of pudding, which means if his marginal tax rate had been about 27% that year, he'd get about a $810 reduction in his taxes.
- jdmichal 11y agoThat's not what the text reads, but I suppose it's possible. > But here’s the beautiful part, doing this counted as a considerable charitable donation, which let David claim just over $800 back in tax deductions at the end of they year.