taxes, donating to SETI/NASA

Discussion in 'Taxes and Accounting' started by Gordon Gekko, Nov 3, 2003.

  1. this is on SETI's web site:

    "If you'd like to become one of SETI@home's supporters, please click here. Donations are fully tax deductible. Corporations may become Corporate Sponsors of SETI@home with a minimum $10K (or equivalent in-kind) donation. We are also interested in Corporate Participants willing to run SETI@home on their PCs. For more info, click here."

    my question is, say you owe the government money for taxes, can you instead donate it to NASA or something? basically, i want to keep my money, but if some is going towards paying taxes can i somehow donate it somewhere instead?
     
  2. pspr

    pspr

    Ha ha ha ha ha. GG you still haven't taken care of that tax problem after all the comment you got here? Besides I thought the gov owed you money!!??

    My advice is to just get it done with and move on with your life. You're fretting over it is costing you a lot more than a few hundred in the mental toll on you.

    But, to answer your question - NO, you gotta pay Uncle Sam his due. I'm no tax lawyer but I'm 99.9999% sure on that one.

    Of course, once you have filed, if there is money owed there is a statute of limitations on that. But Uncle is aware of it and will do everything it can to collect before that date, including asking you to wave your rights to the statute.

    Wally
     
  3. nkhoi

    nkhoi Moderator

    keep in mind, if you donate $100 your tax saving is $28 (if you are in 28% bracket) not $100.
     
  4. i'm thinking about the future, not last year's taxes or something. the gov. DOES owe me money. :)

    wah wah wah
     
  5. pspr

    pspr

    Ok, Ok, don't cry. But get your tax advice from an accountant or some other tax person, not this forum. You'll get better advice.

    The govenment shut down multi-write off tax shelters many years ago. Heck, I used to sell oil drilling shelters that gave a 6 to 1 write off. Put in $10,000 and write off $60,000 saving $20,000 in taxes. Nobody cared if they ever found oil!! Those days are long gone.

    Wally :D
     
  6. Dear Gordon:

    Unfortunately, charitable deductions do not reduce tax dollar-for-dollar. If they did, they would be "tax credits" rather than deductions. So if you are in the 25% tax backet, for example, and you make a $100 deduction to SETI, that reduces your tax owed by $25.00, not by the full $100 donation.
     
  7. Gordo,

    Perhaps you should worry about making money before you start to wonder how to avoid paying on it...
     
  8. perhaps you should STFU! :)
     
  9. Ebo

    Ebo

    What a schmuck!