Maybe you’re confused by the limit of how much of your AGI can be deducted?
In general, contributions to charitable organizations may be deducted up to 50 percent of adjusted gross income computed without regard to net operating loss carrybacks. Contributions to certain private foundations, veterans organizations, fraternal societies, and cemetery organizations are limited to 30 percent adjusted gross income (computed without regard to net operating loss carrybacks), however. Tax Exempt Organization Search uses deductibility status codes to indicate these limitations.
The 100k tax write off doesn’t mean you get 100k back, it means you don’t have to pay taxes on that 100k.
If your income is high enough that you have to pay 30% taxes on that 100k that’s 30k you don’t need to pay to the State. If it was paid already (through standard deductions every two weeks by your employer) you get it back when you fill your taxes at the end of the year, if it wasn’t paid already (because you’re self employed) they just don’t charge you for it.
Your taxes at the end of the year are based on your total income minus all tax deductible spendings you made, may it be stuff for your job or sending money to charity. If you make 100k/year and give 20k to charity they adjust everything so the total amount you paid in taxes is equivalent to if your income had been 80k.
I work in that field bud, I think you can stop arguing now.
That’s cute, you misread a basic article about US taxes and now refuse to read anything I’ve linked lol.
You’re stating fallacies that are debunked in my links from the IRS. But if you think the IRS is lying about tax law, by all means, link me your references
100% of your donation is tax deductible, that’s exactly what it fucking means, you get what you paid in taxes back on 100% of your donation!
It reduces your taxable income, it means your taxes are calculated based on your income minus that amount, nowhere does any of your links say you get the equivalent of your donation back.
How come they get 38m back if they gave 130m worth to charity? Hmmm it’s as if… You only get back the taxes applicable to the amount!
You donate 100k, you get a 100k tax break…
https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions
Maybe you’re confused by the limit of how much of your AGI can be deducted?
That does not mean you claim 30% of the donation
…
Ok, so YOU don’t understand how taxes work.
The 100k tax write off doesn’t mean you get 100k back, it means you don’t have to pay taxes on that 100k.
If your income is high enough that you have to pay 30% taxes on that 100k that’s 30k you don’t need to pay to the State. If it was paid already (through standard deductions every two weeks by your employer) you get it back when you fill your taxes at the end of the year, if it wasn’t paid already (because you’re self employed) they just don’t charge you for it.
Your taxes at the end of the year are based on your total income minus all tax deductible spendings you made, may it be stuff for your job or sending money to charity. If you make 100k/year and give 20k to charity they adjust everything so the total amount you paid in taxes is equivalent to if your income had been 80k.
I work in that field bud, I think you can stop arguing now.
That’s cute, you misread a basic article about US taxes and now refuse to read anything I’ve linked lol.
You’re stating fallacies that are debunked in my links from the IRS. But if you think the IRS is lying about tax law, by all means, link me your references
100% of your donation is tax deductible, that’s exactly what it fucking means, you get what you paid in taxes back on 100% of your donation!
It reduces your taxable income, it means your taxes are calculated based on your income minus that amount, nowhere does any of your links say you get the equivalent of your donation back.
How come they get 38m back if they gave 130m worth to charity? Hmmm it’s as if… You only get back the taxes applicable to the amount!
Fucking hell man.