Tax Fraud

Tax Fraud.

The IRS sates:

""You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.""



Where there is money, there is tax.  Most everyone knows that.  Work hard, pay the tax man, grumble.

They more you make, the more you pay, some say.

Taking some of your money, contributing to a charity and then being able to deduct that contribution sounds like a good thing.

Everyone loves a do-gooding philanthropist!

Nobody ever criticised a persons goodwill or desire to help others. Gifted money is never questioned or turned downed. Happiness all around! Mission accomplished.

Gift to charity. Sounds like the one solution to an average tax payers woes. Money Money Money. What happens if you aren't an average tax paying citizen, and this solution is not enough to meet your needs. You want and need to keep as much as you can, right?  Some don't really want to gift away hundreds of thousands of dollars, to be left with warm fuzzy feelings and a lower tax bracket. They don't. So, they get crafty and find loopholes. Charities have an enormous benefit to a tax situation, especially if the charity is your own and allows one to hide income within.

It's still tax fraud, right?