Date: December 08, 2018 10:50PM
Mormons tithe - which is 10% and they decide how that is done, but it's suggested it is to be paid on the gross income.
Many make even larger contributions for tax purposes. This is another way to reduce their personal or business taxes, as I understand it.
Found this. Would it have anything to do with the Mormons and contributions? There is more to it, of course, with other deductions and the standard deduction.
"Increase in the maximum annual amount of charitable contribution deduction
One of the beneficial provisions in the Act for charitable giving is the increase in the amount of a deduction an individual can take for giving cash to a charity (or operating foundation) from 50 percent to 60 percent of her or his adjusted gross income (AGI).http://www.nonprofitlawblog.com/tax-cuts-and-jobs-act-new-tax-law-impact-on-nonprofits-fundraising/
Edited 1 time(s). Last edit at 12/08/2018 10:51PM by SusieQ#1.