3 ms·
"Donations are also something that anyone can use to lower their own taxes" This is false. It used to be less false, but now is mostly false. In order to get
by uberman 5y ago
"Donations are also something that anyone can use to lower their own taxes"
This is false. It used to be less false, but now is mostly false.
In order to get any tax advantage from donations, you must itemize as all hyper rich do. Full stop. If you take the standard deduction as almost everyone else does (more than 90
%) then you get nothing for your charitable giving.
Note that when the hyper rich do give and get credit it is very often not to organizations that are very "charitable" at all. If you don't believe this to be true simply look up what a how "private foundations" and particularly "donor advised funds" work.
- monoprotic 5y agoYou're entitled to a deduction of up to $300 (or $600 if married and filing jointly) for charitable donations even if you take the standard deduction.