2 ms·
You will spend less money just paying taxes than donating money are writing off your top end. For instance if I have $100 and the government wants 40% of it the
by nemo44x 2y ago
You will spend less money just paying taxes than donating money are writing off your top end. For instance if I have $100 and the government wants 40% of it then I could give them $40. Or I could donate, lets say $15 and now I owe 40% on $85 which is $34. Add the $15 I donated and it's $49.
Plus there are limits on how much you can deduct and it's less for assets than for cash. Lastly we have a thing called Alternitive Minimum Tax what is a catchall for anyone that thinks they can pay less by adjusting their income down. You need to calculate both taxes and you pay the higher one.