January 25, 201214 yr ^Technically he's being honest. His income comes primarily from investments. He doesn't have wages. Sounds like insider trading to me.
January 25, 201214 yr Definitely week. Some sources say it doesn't count what he gives to the Church, but I am doubting that. Do they count church contributions? They should count.
January 25, 201214 yr Author Do they count church contributions? They should count. There's a spot on Schedule A for them.
January 25, 201214 yr I think in fairness, regarding the birth certificate issue, the actual issue was that there was no precedent under which requiring a birth certificate to be produced publicly was ever required in the past as a requisite for running for POTUS. That was what the birthers were trying to do....make him produce it to validate his candidacy. If all presidential candidates are to be required to do so, I have no issue with the requirement. As for the tax return issue, it's not a requirement, and I think it's ridiculous that so many act as if a candidate's personal life is our right to know....and I mean that on every level. One thing interesting I learned from the candidate's returns this year (which isn't my right to know, but interesting now that I do), Romney contributes 10% tithe to the Morman church. Why is that interesting to me? Two reasons: One, it's nice to see that his faith is important enough for him to tithe to such a great degree. Honestly....I struggle to tithe that amount, and feel that I likely am not priortizing my budget correctly, based upon my values. Secondly, I had no idea tithing could be deducted. Or did I misread the information? To your last question, the answer is yes. Charitable contributions, even to your church, are allowed to be deducted as an itemized deduction on Schedule A of your tax return. I believe up to 50% of your gross income.
January 25, 201214 yr Definitely week. Some sources say it doesn't count what he gives to the Church, but I am doubting that. Link?
January 25, 201214 yr Definitely week. Some sources say it doesn't count what he gives to the Church, but I am doubting that. This is entirely not true. Charitable contributions to a church are every bit as deductible as contributions to any other charitable organization.
January 25, 201214 yr This is entirely not true. Charitable contributions to a church are every bit as deductible as contributions to any other charitable organization. I know this is terribly naive of me, but I honestly never new that. I thought that I could give if I donated a sum for a certain project or fundraiser, but never knew about the tithing. Although, to be honest, I wouldn't deduct for tithing even if it is an option. Isn't that kind of....well.....I don't know....anti-the point?
January 25, 201214 yr I know this is terribly naive of me, but I honestly never new that. I thought that I could give if I donated a sum for a certain project or fundraiser, but never knew about the tithing. Although, to be honest, I wouldn't deduct for tithing even if it is an option. Isn't that kind of....well.....I don't know....anti-the point? Nope, all tithing to the church is deductible. Our church gives each parishioner (sp?) a packet of envelops for each week with their names and addresses on it that you use to donate. Come tax time they mail you a letter telling you how much you contributed for the year and that it's deductible. I can understand feeling that way, but I take it as being a) a way to reduce your taxable income to the income that you actually used for yourself or family, and b) to give an incentive to people to donate more to not just church but all charitable organizations.
January 25, 201214 yr Nope, all tithing to the church is deductible. Our church gives each parishioner (sp?) a packet of envelops for each week with their names and addresses on it that you use to donate. Come tax time they mail you a letter telling you how much you contributed for the year and that it's deductible. I can understand feeling that way, but I take it as being a) a way to reduce your taxable income to the income that you actually used for yourself or family, and b) to give an incentive to people to donate more to not just church but all charitable organizations. I've always gotten those letters, but like an idiot...never even thought of utilizing it as a deduction. Probably, though, because I never have enough deductions to itimize, so I just take the standard and move on.
January 25, 201214 yr I've always gotten those letters, but like an idiot...never even thought of utilizing it as a deduction. Probably, though, because I never have enough deductions to itimize, so I just take the standard and move on. I'm in the same boat. If you're a healthy individual with no mortgage payment it's not likely you'll get the itemized deduction, so it makes it a moot point for most.
January 25, 201214 yr This is entirely not true. Charitable contributions to a church are every bit as deductible as contributions to any other charitable organization. I know they are deductible - the article was saying they didn't think Biden included that. Which I said I doubted.
January 25, 201214 yr I know they are deductible - the article was saying they didn't think Biden included that. Which I said I doubted. Oh, I misunderstood, my apologies. Either way it's an individuals personal preference.
January 25, 201214 yr Oh, I misunderstood, my apologies. Either way it's an individuals personal preference. I am agreeing with you guys that he was not much of a $$ giver to charitable organizations.
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