01-19-2010, 07:49 PM
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Senior Club Cobra Member
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Join Date: Jul 2002
Cobra Make, Engine:
Posts: 15,712
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Perhaps because the right wing, by and large, enjoy a higher standard of living, making it much easier to "donate"? THAT is the question!
You can't equate strictly "money" with "donations", that being the #1 rule when it comes to looking at for a tax shelter. Here's a real simple example that anybody could relate to. You have a lot of clothes and "stuff" around the house, so you decide to have a yard sale. Your time and effort might be better put to use by donating those items to charity! No "money" is involved, but the potential tax gain in dollars is real.
What kind of "charities"? There are many and not all are like Goodwill or whatever! There are private foundations that qualify as a tax haven for the donator. In some cases you could count up to 50% of your income as a contribution, a tax write off. And it doesn't have to be all "money", hard cash if you would. Ever wonder why some groups or persons make such large donations of a political nature? It's not always about hoping for some influence. In some cases, it's just a smart tax decision!
Some Real Estate boards may be "non profit". Donations to them could be written off as a "business expense". The whole tax picture when it comes to donations is very complex, but it's not always about hard earned cash.
427Sharpe, in your example your "time" is not deductible, but your EXPENSES related to the service your provide are!
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