#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!
For a deeper dive into and other legal issues vital to the success of your deals and your business, visit me at:
Just starting up? Check this out for my advice on startup success: http://www.thestartupshepherd.com.
You can also reach me at:
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
Misconception Monday - The Governor's Role in the ...
Misconception Monday - Governors Role in the Legislative Process Welcome to another episode of Misconception Monday, where I dispel common misconceptions a
20 incredible charities that give 99% of the money they ...
20 incredible charities that give 99% of the money they get to the actual cause. Dec. 30, 2017 (iStock) Catey Hill; @cateyhill ; Those who want to qualify for a tax deduction for the current year, need to make their charitable donations by December 31st. Here are 6 ways to do it smartly.
What to Consider When Making Charitable Donations - Real ...
Thanks to all the holiday spirit (and, well, the impending end-of-year tax deadline), December is the month when people are the most likely to pull out their checkbooks for charity. (One-third of the entire year’s online donations are made in December, according to Network for Good, a Web-based ...
united states - How does giving money to charity save you ...
How does giving money to charity save you money on your taxes? up vote 20 down vote favorite. 1. I regularly hear about people giving money to charity to decrease their tax burden in the US. I don't understand the math of this. If I'm being taxed at a 40% rate, then I can give $500,000 to charity, write it off, and save $200,000 on my taxes ...
Misconception Monday | CAP·impact
Today’s Misconception Monday podcast concerns committee hearings. Before we dive in, remember that you can find all my Misconception Monday podcasts here . Today’s first misconception has to do with the legislative calendar, which states, “No committees may meet during the last two weeks of session,” but that isn’t always the case.
What happens to most of the money donated to charities ...
Most of it is spent on fulfilling whatever charitable endeavour inspired the charity's founders to set it up. Exactly what that is will vary wildly, of course, depending on the charity In the UK, a charity turning over more than £10k a year must f...
Misconception Monday: Can Evolution Stop? | NCSE
Full disclosure: I ran the four-part (newly renamed!) natural selection misconception diagnostic because my idea well had run dry. I was hoping that by retreading some old misconception tropes, I would get inspired.
Misconception Monday: Everything is an Adaptation, Part 1 ...
Misconception Monday: Everything is an Adaptation, Part 1 Last week, we got into the distinction between natural selection and evolution . In my post, I tried to express the importance of exposing students to other mechanisms of evolution, namely genetic drift, gene flow, and mutation.