Deductions and write offs reduce the taxes you owe. If you donate the right amount at the right time you can offset massive profits that would be taxed away. No, there is not direct profit from charity, but it reduces the taxes that the US will come after you for, therefore allowing you to keep more of your little meaningless pieces of paper making you the 0.1%. Rich aren’t rich because they make a bunch of money, they are rich because they know how to hang on to it.
Deductions and write offs reduce the taxes you owe. If you donate the right amount at the right time you can offset massive profits that would be taxed away. No, there is not direct profit from charity, but it reduces the taxes that the US will come after you for, therefore allowing you to keep more of your little meaningless pieces of paper making you the 0.1%. Rich aren’t rich because they make a bunch of money, they are rich because they know how to hang on to it.
In what scenario would that happen? Can you give an example with numbers?
No. Why? Read the US tax code. Do your own taxes by paper one year.
So I can understand how this works. Or at least give me something specific I can google that isn’t the entire tax code.
I do do my own taxes, but they’re Canadian taxes, so they don’t work the same way.
Then I have nothing I can help you with, they are entirely different machines.
I’m asking about US taxes.