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Old August 14th 03, 06:40 PM
RSHaas
 
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Default Fundraising Question

Can the USCF itself directly operate a fundraising program or must it be done
through the ChessTrust? (RSHaas)
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Old August 14th 03, 11:22 PM
StanB
 
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Default Fundraising Question


"Mehrfache Persönlichkeiten" wrote in message
news.com...

USCF can. It would be more effective through the trust. Donations to

USCF
are not tax deductible unless they qualify for a deduction such as a
business expense. Donations to the Chess Trust are deductible as a
charitable deduction. In an overly simplistic sense, it costs 60 cents to
donate a dollar to the Chess Trust, while it costs a whole dollar to

donate
it to USCF.


73 cents assuming you itemize and make less than a quarter of a million.

StanB


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Old August 15th 03, 12:21 AM
Tim Hanke
 
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Default Fundraising Question

"StanB" wrote ...

"Mehrfache Persönlichkeiten" wrote ...

USCF can. It would be more effective through the trust. Donations to

USCF
are not tax deductible unless they qualify for a deduction such as a
business expense. Donations to the Chess Trust are deductible as a
charitable deduction. In an overly simplistic sense, it costs 60 cents

to
donate a dollar to the Chess Trust, while it costs a whole dollar to

donate
it to USCF.


73 cents assuming you itemize and make less than a quarter of a million.

StanB


I itemize, and I pay about 11 cents on the dollar in taxes. So, unless I'm
missing something, every charitable dollar I give costs me 89 cents.

Tim Hanke


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Old August 15th 03, 12:49 AM
David
 
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Default Fundraising Question


"Tim Hanke" wrote in message
newsQU_a.145606$o%[email protected]

I itemize, and I pay about 11 cents on the dollar in taxes. So, unless I'm
missing something, every charitable dollar I give costs me 89 cents.

Tim Hanke


Yes, you are missing the difference between average cost and marginal cost.
Marginal cost is the cost of the most recent event or decision. For example,
if you are in a 27% tax bracket, each additional dollar of income costs you
$0.27 tax. Because of itemized deductions, your rate on your entire income
will be less on a percentage basis, like your quoted 11%.

Marginal cost is a very important concept in the the financial evaluation of
business decisions, particularly those that involve growing/reducing
existing revenue/expense streams.

David


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Old August 15th 03, 03:17 AM
StanB
 
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Default Fundraising Question


"Tim Hanke" wrote in message
news:[email protected]

In my case above, if my effective tax rate is 11%, the cost for me to give
an additional dollar to charity would seem to be 89 cents.


No, the 11% is the average rate and the 15% ould be the effective rate until
you crossed into the 27% rate. That would be the effective of another
100.00, 15.00 (or 27.00) off of your taxes. the 100 might not be enough to
make a difference on your average rate.

In fact, the more money I give to charity, the less income I will report.
The less income I report, the lower my tax bracket. The lower my tax
bracket, the less I get to deduct for each dollar I give. For example, if

I
manage to achieve a zero percent tax bracket, I will get no charitable
deduction at all for additional gifts, and the cost to me of my donation
will be 100 cents of every dollar.


There is something called the 50% and 33% limitation on charitable
deductions.i.e. if you made 50000 and gave 30000 of a fifty perecnt-type
deduction you could only take 25000 and the other 5000 would be carried over
to next year.

Let's not even get into the AMT (Alternative Minimum Tax).


Roger that.

StanB





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Old August 15th 03, 03:37 AM
David
 
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Default Fundraising Question


"Tim Hanke" wrote in message
news:[email protected]
"David" wrote ...

"Tim Hanke" wrote ...

snip

In my case above, if my effective tax rate is 11%, the cost for me to give
an additional dollar to charity would seem to be 89 cents.


Tim, I have understood what you are saying to be that your overall tax is
11% of your income. This seems like a reasonable assumption, as there is no
11% bracket. There is a 10% bracket and there is a 15% bracket, but no 11%
bracket. If I have misunderstood, and you are including in state tax or
something, please correct me and accept my apology. Otherwise, the cost of
giving an additional dollar to charity is (100%-(your bracket%))($1.00). So,
if your bracket is 27%, but your effective tax rate is 11%, then the cost of
a charitable dollar is $0.73.


In fact, the more money I give to charity, the less income I will report.
The less income I report, the lower my tax bracket. The lower my tax
bracket, the less I get to deduct for each dollar I give.


Actually, that is not true. If you contribute _enough_, you will fall into
a lower bracket. If you don't fall into a lower bracket, then you deduct at
the same rate per dollar. Most contributions will not be enough to push you
into a lower bracket, they'll just move you closer. You would have to be
right on the edge of a bracket for the marginal rate to change, or make a
large contribution. The brackets are in steps, and the distinction is
important.

David




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Old August 15th 03, 11:57 AM
GrantPerks
 
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Default Fundraising Question


Let's not even get into the AMT (Alternative Minimum Tax).


Roger that.

StanB


Nor should we get into the savings on donating appreciated stock to a
501(C)(3).

Grant Perks
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Old August 15th 03, 02:12 PM
ASCACHESS
 
Posts: n/a
Default Fundraising Question

Let's not even get into the AMT (Alternative Minimum Tax).

Roger that.

StanB


Nor should we get into the savings on donating appreciated stock to a
501(C)(3).

Grant Perks


How about appreciated art?

Rp
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Old August 15th 03, 02:26 PM
Bruce Draney
 
Posts: n/a
Default Fundraising Question

ASCACHESS wrote:

Let's not even get into the AMT (Alternative Minimum Tax).

Roger that.

StanB


Nor should we get into the savings on donating appreciated stock to a
501(C)(3).

Grant Perks


How about appreciated art?

Rp


I just can't appreciate that.

Best Regards,

Bruce
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Old August 15th 03, 08:56 PM
sandirhodes
 
Posts: n/a
Default Fundraising Question

"Bruce Draney" wrote in message
...
ASCACHESS wrote:

Let's not even get into the AMT (Alternative Minimum Tax).

Roger that.

StanB


Nor should we get into the savings on donating appreciated stock to a
501(C)(3).

Grant Perks


How about appreciated art?

Rp


I just can't appreciate that.

Best Regards,

Bruce


Bruce, pretend he meant an original phaser or costume, or even a tardis.


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