tax deduction

[Tiger-in-the-woods]

Need some insight.

1. Is it better to keep full salary and bonusses and allow yourself to be taxed or
2. is it better to give to IPCs to enjoy tax deduction on amount given and thereby lowering amount that can be taxed?

Is it worth it to reduce taxes through donation?

 

[Trazora]

Need some insight.

1. Is it better to keep full salary and bonusses and allow yourself to be taxed or
2. is it better to give to IPCs to enjoy tax deduction on amount given and thereby lowering amount that can be taxed?

Is it worth it to reduce taxes through donation?

Only a % result in tax savings; donation is mainly out of kindness.

 

[TabascoSauce]

the total outflow would be higher if u donate (donation amount + tax) compared to being tax without any donation.

if u r thinking of minimising outflow of ur money then donation is not the way.

 

[LiteHouse]

Donation is 2.5 tax deductible. But if you go down on dollars and cents, it is not "earn" lah. Donating definitely means money go out.

 

[Tiger-in-the-woods]

So it's better than just to pay the additional taxes than to lessen the tax amt via donation to IPC.

Noted. Thanks for the advice

 

[deathman91]

Of course, it doesn't reduce the amount you are going to pay, if not it would be a loophole.

 

[Yachtmaster]

Yes if u are tt durai