Tax Write-Offs are the Big Secret for Wealth
One of the wealthy’s favorite tactics is tax write-offs. If you want to legally master tax write-offs like a pro, read strategies given by profitable business owners and millionaires. They can quote strategies and methods like scripts from the Bible.
An easy way to accrue tax write-offs is to donate to charities and fundraisers. Yes, the wealthy have a heart and donate portions of their income to the less fortunate. However, there’s no denying the perks of writing off the donation on their taxes. This is why you should consider donating to charities if you are not already in the habit. Besides, it makes you feel all warm and toasty!
CNN Money provides some helpful advice. Questions you should ask & the answers you should hear:
• Is the charity recognized as a non-profit by the IRS? It’s necessary in order to write the donation off.
• What percentage of my donation will go to the charities? Should be 75%+
• How long have they been in operation? 5+ years, a proven track record is key
• Have you been reducing services? If yes, that could be a red flag.
• Do you have a year’s worth of operating capital? If yes, then it shows staying power.
* Remember to get and store your receipt!
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