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Charitable Donations to offset Taxes
Has anyone had any experience with giving a charitable gift to offset royalty taxes? I am looking for this in relation to Oklahoma Tax law.
Replies to This Discussion
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Permalink Reply by Tawnisa Starritt on -
My CPA does it for me. U nd to donate as much as possible and make sure u keep the receipts they give u.
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Permalink Reply by Joshua Westmoreland on -
Thank you for the reply Tawnisa. Is there a threshold that I should be looking to achieve?
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Permalink Reply by Tawnisa Starritt on
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We dont over do it.
I donate around 1000. or more. not to much but enough to help.
Oklahoma takes out around 100.00 in taxes per 1000.00 dollars made on my oil checks.
So I figure the gov't is around there, I'm not sure if Obama passed the bill, but royalties owners were going to be taxed more, not sure when that comes into law.
I'm not quite sure what you do for a living, but a great way to contribute is to a church, private schools, any place that will write you a contribution letter. They dont put the amount in the letter. And the local domestic violence shelters, any local charities. I prefer to donate to places who dont resell my stuff but will give it to the people who need it.
Obama has lowered the tax write (contribution) to charities, i'm not sure what it is now.
I'm getting my taxes done on MOnday 6Feb, Ill let you know.
The most important thing is keep all receipts just in case you are ever audited.
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