2025
It's really easy to take for granted since most of us have never known any different. (lemmy.world)
submitted 1 year ago by to c/whitepeopletwitter@sh.itjust.works
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[–] 1 point 1 year ago* (1 child)

That's a wild misrepresentation of how write-offs work.

If your tax rate is 30% and you make write off a charitable donation of $100, your tax bill goes down $30. Spending 100 dollars to save 30 isn't the key to riches.

There's no way to save money through charitable donations.

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  • [–] 1 point 1 year ago* (1 child)

    How is that a misrepresentation? You justified what I said.

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  • [–] 1 point 1 year ago (1 child)

    The implication was that they make donations for the write-offs. That's not accurate, because it's never cheaper to make a donation and write it off than it is to just pay the taxes.

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  • [–] 1 point 1 year ago

    Not quite never. You just need the tax rate plus marginal change in lost benefits/increased obligations to exceed 100%. For example there's a breakpoint in the UK around childcare over 100k income that makes it way worth salary sacrificing to get below if you have kids. I can imagine there are similar niche things for small businesses around audit requirements or whatever, but not enough of an expert to know.

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