auctionnoodle: "So, a friend called me today and asked me if i needed a tax write off because he is hosting an event for a national charity and is looking for donations.After I hung up the phone, I started thinking about that. I mean, how do I KNOW if I NEED a tax writeoff?I regularly donate to charities. I itemize them at tax time. I do this rather randomly. In other words, I haven't figured out a calculation as in .... if I earn $x this year, then I should give $x to charity to make sure i get the writeoff. Is there even a calculation out there for that? When people say a famous person needed a tax writeoff so they gave a huge amount to charity...what does that actually mean?I'm just pondering this today, not even sure if my rambling makes sense...thoughts from any of you pros? I just want to know if I NEED a writeoff (and apparently, so does my friend), lol."First CABob has already written an excellent response.I use slightly different words, writ-offs save pennies on the taxes but cost you a dollar. Even if pennies on the dollar are 50%, you are still out the other fifty cents.Certain write-offs may be reduced for high AGI taxpayers (and I know a little more about your situation form the other board) Last, anytime you want a bad debt write-off you could loan JAFO, LLC some money, and when you want the write-off, call the loan. For some reason, no one has ever taken me up on this offer.Regards, JAFO
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