Alvin
Senior Member (Voting Rights)
If i had 350,000 in income i would be jumping for joy. And once the PEM from that activity hits i would have a helper making sure i am taken care of.So, say you had a spare, oh, $350,000 in income lying around in 2018. If you hold onto it, the government will take half ($175,000). However, if you donate the entire $350,000 to a qualified charity, the $175,000 you would normally pay to the government goes to the charity instead. In effect, you are controlling where your taxes go.
Realistically though if anyone had that kind of income they would be loaded even after the taxes.
If it were me i would make some donations to OMF but few if any of us is realistically going to have that kind of money.