Current Events > Donating to charity is tax-deductible, right?

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Pepys Monster 11/29/21 11:06:44 PM #1:	So instead of giving to the IRS, I can give to the needy? --- Ryzen 3700X \| Evga GTX 1070 Ti \| 16GB DDR4 3200 \| Crucial MX500 2TB <cite>Pepys Monster posted [p:960477753] in Donating t... [t:79787165]...</cite> <quote>So instead of giving to the IRS, I can give to the needy? </quote> ... Copied to Clipboard!
Sonic Cannon 11/29/21 11:14:56 PM #2:	Uh, kind of? You can't eliminate your tax obligations completely by making donations though. It just gets deducted from your taxable income. --- Keep it green. <cite>Sonic Cannon posted [p:960477993] in Donating t... [t:79787165]...</cite> <quote>Uh, kind of? You can't eliminate your tax obligations completely by making donations though. It just gets deducted from your taxable income. </quote> ... Copied to Clipboard!
gigageek1500 11/29/21 11:17:32 PM #3:	It's more like giving it to the needy instead of getting the money. Doing something with the money instead of giving it to the IRS would be what a tax credit is (vs. deduction). --- "Like you're standing in front of them with your hands behind your back, and then present a small ribbon-wrapped gift to them." Duskmon on the colon <cite>gigageek1500 posted [p:960478059] in Donating t... [t:79787165]...</cite> <quote>It's more like giving it to the needy instead of getting the money. Doing something with the money instead of giving it to the IRS would be what a tax credit is (vs. deduction). </quote> ... Copied to Clipboard!
TheGoldenEel 11/29/21 11:28:22 PM #4:	Sonic Cannon posted... Uh, kind of? You can't eliminate your tax obligations completely by making donations though. It just gets deducted from your taxable income. They really should have tax (and general life skill) classes in high school --- BLACK LIVES MATTER Games: http://backloggery.com/wrldindstries302 \\ Music: http://www.last.fm/user/DrMorberg/ <cite>TheGoldenEel posted [p:960478337] in Donating t... [t:79787165]...</cite> <quote>Sonic Cannon posted... </cite> <quote>Uh, kind of? You can't eliminate your tax obligations completely by making donations though. It just gets deducted from your taxable income.</quote>They really should have tax (and general life skill) classes in high school </quote> ... Copied to Clipboard!
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Solid Snake07 12/01/21 11:57:09 AM #6:	It's a tax right off. Meaning whatever income you give to charity won't be taxed. It doesn't mean it offsets the taxes you owe. And there's a limit to it. So even if you donated every cent you made you're still going to owe taxes. --- "People incapable of guilt usually do have a good time" -Detective Rust Cohle <cite>Solid Snake07 posted [p:960521654] in Donating t... [t:79787165]...</cite> <quote>It's a tax right off. Meaning whatever income you give to charity won't be taxed. It doesn't mean it offsets the taxes you owe. And there's a limit to it. So even if you donated every cent you made you're still going to owe taxes. </quote> ... Copied to Clipboard!
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