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You could always check that box on your tax form that says you wish to make an additional contribution. That is, assuming taxes benefit the common good. I'm s
by shaftoe 11y ago
You could always check that box on your tax form that says you wish to make an additional contribution. That is, assuming taxes benefit the common good.
I'm sure the money will be spent wisely.
- cdcarter 11y agoThe article addresses that giving to the US is likely to be less positive than giving to an international cause.
- uhwhat 11y ago501(c)3 non-profits are tax deductible. I'd recommend http://machineproject.com/ http://machineproject.com/ for the HN crowd Also funding for workshops/education through makerspace type groups. Also funding for clean water infrastructure in 3rd world regions.
- xur17 11y agoI've been struggling with this a little bit - my income / spending currently results in me taking the standard deductible, so I'm not able to take advantage of this tax deduction. Therefore, it makes the most sense for me to hold off on donating, and save the money until I'm not taking the standard deduction, and then donate it all at once. I've been shuffling money off into a separate savings account every month to get into the habit, and then I plan to use the balance of this account once I am in a situation where I am able to take advantage of this tax deduction. I do still donate money out of this account, just not a substantial account. edit: I went back and read the article now :) - this chart [0] was helpful. If you're at the beginning of your career, this makes the argument for holding off on significant donation even stronger. [0] https://3d4k2r1b9zry49ki142owdm5-wpengine.netdna-ssl.com/wp-content/uploads/2015/06/Now-vs-Later-flowchart4.png https://3d4k2r1b9zry49ki142owdm5-wpengine.netdna-ssl.com/wp-...
- cdcarter 11y agoI do a similar thing, but I have a fairly aggressive portfolio on Betterment that I store my eventual philanthropy in. I fund it out of my credit card's cash back, and unexpected extra income. It's very frustrating to not be able to take advantage of tax deductible gifts seemingly just because I don't own a home!
- xur17 11y agoIf you donate the investment directly to a non-profit, you will be able to deduct the full value of the investment, and won't have to pay capital gains on it. Keeping the money in an investment account is a fairly good idea - I should have enough by the end of the year to make this worthwhile.
- reagency 11y agoIf you aren't giving enough to overpower the standard deduction, perhaps you aren't giving enough.
- xur17 11y agoRegardless of how much someone is giving, they are still missing out on the tax deduction for the first $6300 (or $12.6k if filing jointly) of income.
- emmett 11y agoBased on this comment I suspect you didn't actually read the article, which explicitly evaluated this option...