I’m an American sick of being taxed by the dysfunctional US federal government and am looking for ways to reduce the amount paid as well as increase my contribution to society. I’m not looking to reduce state taxes.

How can I find out the amount I can donate to charities each year such that it reduces my federal taxes as much as possible for my income level?

  • Admiral Patrick@dubvee.orgEnglish
    0·
    7 months ago

    The standard deduction is $14,600.

    So you would have to itemize your deductions and donate at least the difference between $14,600 and the itemized deduction total to “break even” if you were to not take the standard deduction. And then donate above that amount to reduce the taxable amount.

    • BombOmOm@lemmy.worldEnglish
      0·
      7 months ago

      One scummy way would be to have an artist friend paint you something. If you can get that painting appraised at a crazy high value and donate it to a valid charity, you can deduct it at the appraised value (I think, anyway.)

      I would highly recommend against attempting tax fraud. The IRS does not appreciate it.

      • yesman@lemmy.world
        0·
        7 months ago

        what Ad Patrick is describing is not tax fraud. It’s called fine art. And there are industries that support this scheme including duty-free storage at international airports so you don’t have to pay duties on your tax shelter. Many works of art never leave these warehouses, never viewed by anyone, even the owner. They simply exist to hold value and get a new label when sold.

      • Admiral Patrick@dubvee.orgEnglish
        0·
        7 months ago

        Yeah, 100%. But, AFAIK, that’s how “art” works. Though you definitely want to make sure the appraiser is legitimate; can’t just have another buddy say it’s worth $12 million and write it off as such.