exactor wrote:
the government, isn't really a "charity" so, there's
no real reason to just give the government extra monies
unless you feel like it, so, there is ample reason
to study the tax code a tiny but in order to pay less tax.
several items are deductible, including
monies offered to actual charities,
and, also, state and local tax is deductible
from your IRS gross income.
now, say you paid $10,000 in state tax [as an example]
and were in the 25% tax bracket [as an example]
you would NOT pay $10,ooo less in federal tax
but, roughly, $2500 less in federal tax,
and, so, you may wish to "itemize" your deductions
even though, the "standard deduction" may be
in the "$13,000" ballpark
and so, you'd have to look around for, at least,, say,
$3500 more in deductions to get you itemized deductions
larger than the "standard deduction"
because, naturally, you'd take the larger of the two.
but still, why give the governemnt, $500 if you don't have to?
after all, the government is not a charitable institution,
and you -could- give that $500 to an actual charity, or,
put it in your little rainy day box for things like
celebrating the Happy Ghost Festival, even if
it costs no money to celebrate such a thing.
because,, like, if it's a "Hungry" ghost...
and, like, what does a 'ghost' eat that costs money?
so, some of this is mooot
but, for anyone who isn't a hungry or a happy ghost
you may be able to save a few thousand dollars
if you itemize your deductions
as opposed to taking the standard deduction,
which is a lot =easier= to do,
but, it would only take a little while to gather up
all of your deductible items and see if
they outweigh the standard deduction.
and most of it is spelled out in the instruction manual.
at least i hope it's spelled out...
just don't say that the olde tennis shoes you
gave to teh AMVETS were worth $5,000 to =you=
and so, that's what you deducted, because they're
probably gujna say that the AMVETS couldn't get $5,000
for your olde tennis shoes, unless, of course, they did,
in which case, you'd have to find out what they got
for them...somehow.
etc...etc...etc