Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Hello folks,

I remember reading an articles by TMFTaxes that claim there was an extra hoop to jump through if you are claiming donation of over 20% of your income. I cannot find it now, however.

I would like to run a tax avoidance strategy by you. I have no house, student loans, kids, or anything that would allow me to itemize, except I do believe in donating 15% of my income per year. For one year, this gives me a marginal tax break. If I make 2 years of donations in one year, (Jan and Dec, trust me)I get the regular deduction and simple taxes the following year and a big fat deduction and itemizing in this year. This would put me at 30% of my income.

Any comments on legality, audit proofing, and extra paperwork necessary would be appreciated.

Still in the,

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.