Emergency Preparedness – We Have to Pay Taxes, . . . don’t we?
“That which is taxed decreases, while that which is subsidized increases.” Legislators know this rule well. Governments need revenue, but will offer tax breaks to encourage things that promote self-sufficiency, valuable social and environmental policies, retirement, and charitable giving.
If you knew that it only cost $.78 for every dollar you gave to charity, would you be more giving? In higher income brackets, $.65 of every dollar given is all you will miss. State and Federal taxes you would have lost, aren’t – and go with your contribution of take-home pay somewhere of your choosing.
Tax sheltered money storage (retirement) plans are wise to participate in, and many can actually help you get out of debt by allowing you low interest loans of the assets. You can own your own mortgage.
Over 80% of all assets are owned by retirees over age 65 who can no longer save to beat taxes. Charitable giving can still let them decide where untaxed money goes, thereby lowering their taxes and doing good where they see fit. All expenses associated with donated time are also deductible.
Blessings can follow giving, especially to those who give to 501-C-3 organizations. Not for profit groups include all Churches and everything given in Tithing and Other Offerings is tax deductible.
Charitable giving today is better than during the Savior’s time. Caesar offered no tax breaks at all.
For more information contact your Bishop, CPA, financial or retirement plan administrator.
SEE THE NEED AND THEN PROCEED, TO BE PREPARED.