#taxdeductions #businessadvice #businesslawyer
This is Misconception Monday, where we tackle common misconceptions in business law, business and society generally. This week, we’re talking about a general misconception around tax deductions.
You’ve probably heard that you can save money on taxes by making charitable donations to get you below a certain tax bracket. If you really understand the tax system, you’d realize why that simply isn’t true. The math just doesn’t add up!
By donating, you change your effective taxable income (and do some societal good), but you will still take home less at the end of the day.
Charitable donations will reduce your overall tax burden, but the bottom line is that they won’t increase your net income.
Watch the video for more detail, and contact me with any questions!
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My 20+ years of experience in business finance, business law and entrepreneurship have led me to believe that numbers and logic are awesome tools, but understanding human nature and emotions is the first step to business success.
The Cenkus Law Firm provides services related to mergers & acquisitions, general business issues and startups, including founders’ agreements and fundraising. I also consult with entrepreneurs and have invested my own capital as an angel investor.
From 2010-2013 I served as Chief Legal Counsel of a publicly-trade international oilfield services company. From 2001 to 2006 me and a partner founded and built Paragon Residential Mortgage. Paragon was sold to Bridge Investments in 2006.
I hold a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Now, I live in Austin, TX with my wife and two kids. I enjoy reading, running, classic movies, great food and wine and some great American football.
More info on Does Making Charitable Donations Actually Save You Money? | Misconception Monday
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