Charity instead of taxes?
I was looking at the IRS website (yes, I am insane) and noticed that the maximum $ you can write off for charity donations is 50% of your net income. You can only write off the % of your tax bracket (which is probably pretty for most of us.,.). It occurs to me that it would be worth it to me to give say, $10,000 to the charity of my choosing than give $60,000 to Obummer. I'm thinking that I could even stop taxes from being deducted from my paychecks. Has anyone tried this? Any suggestions? Or am I missing some crucial piece of information that would make it impossible? Thanks, fellow Producers! $
No. If you're in the 40% bracket, you save $40 in taxes for every $100 you donate. If you were willing to give all your income away except for around $40,000, there's probably a way to pay almost no income taxes except for payroll taxes.
As for the 501(c)3 status and Atlantis, that was tongue-in-cheek. I don't think that I could pull that caper off. Some Florida Tech faculty do accept government cash unlike Hillsdale. A surprisingly high percentage of faculty do R&D work with companies instead. I used to visit the town of Hillsdale most summers to teach a class on hydrogen bonding at my in-laws' Hillsdale Beauty College. Hillsdale is a lovely town.