ThanksGIVING – Charitable Giving

Thansgiving and Charitable Giving

ThanksGIVING

Thanksgiving is a great time to take stock of our lives and be thankful for all we have. I am thankful for my healthy and successful immediate family and the fact we are all reasonably happy. I am thankful that both of my children have jobs and have embarked on their careers. In my daughter’s case, she just started her job earlier this month, but so far so good.

But I know there are plenty of people who are not as fortunate as my family and I are. So, I want to write about charitable giving. Charitable giving has a long history in this country. In 1756, Pennsylvania General Hospital opened after a fundraising campaign started by Thomas Bond. Benjamin Franklin arranged for the Pennsylvania Assembly to match contributions in order to complete the hospital. Could this have been the first public-private charitable partnership in the US? read more

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Does it make sense to pay no taxes?

What happens if you pay no taxes?

Does it make sense to pay no taxes?

I watched Monday’s presidential debate along with 84 million other people and one thing really struck me as I was listening. It was when Hillary Clinton accused Donald Trump of paying no Federal taxes and then Donald said that not paying taxes was really smart. Is avoiding taxes smart? Now, I’m not accusing Donald Trump of doing anything illegal. I assume he has many highly paid lawyers and accountants who prepare his taxes for him. While he might be pursuing some aggressive techniques to legally avoid paying taxes, I assume he is not actually committing fraud. At any rate, that’s between him and the IRS. read more

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Ways To Lower Your Income Taxes

Ways To Lower Your Income Taxes

If you’re like me, you are working hard on preparing your 2015 taxes. Either you’re doing your own taxes or maybe you are collecting the paperwork to present to your accountant. Federal income taxes are more complicated than ever. Michael Kitces, author of the Nerds Eye View Blog, has produced this chart showing various real marginal tax rates including all the various add-on taxes, such as the net investment tax, and the various phaseouts of exemptions and deductions.

So it’s complicated! read more

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