this post was submitted on 09 Jul 2023
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Exactly. Giving to charity basically just offsets the amount of income you're taxed on. To give a really simplified example, say I'm making $100,000 per year and I'm taxed at 25%, so I pay $25,000 in taxes. But if I give $10,000 to charity and write that off on my taxes, I would be taxed as if I made $90,000 in the year, so I'd pay $22,500 in taxes.
Of course it gets really complicated when you own a business as well as your own tax-exempt charitable foundation and you distribute your money by donating to your own foundation...