Re:Thanks for the Bonus, I Quit
by mcny on Saturday April 17, 2021 @09:25PM
(#26848989)
If it is a thousand dollar donation, what am I going to do with the tax break? I still have to take a standard deduction. What am I missing?
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| on HN ]
Majority of goog employees were making high salary in California so very few people in head office were taking standard deduction especially before trumps tax changes
Re:Thanks for the Bonus, I Quit
by compiler-guy on Saturday April 17, 2021 @11:42PM
(#26849648)
You didn’t get the deduction. It was just a way to direct company funds.
Charity is an above the line deduction.
No it's not. $300 can be an above-the-line deduction. Any donation beyond that is below the line.
https://www.aarp.org/money/taxes/info-2020/how-to-deduct-202...
It wasn't last year, now it is again, so people might've missed it. I thought you could only deduct $300 though.
Yes, it's limited to $300. So it's not very useful for people significantly more than that but still below the standard deduction.
Are you talking about California state tax? The $300 thing doesn't jive with my federal tax spreadsheet..
No, we're talking federally. There's a $300 federal above-the-line charitable deduction. Everything after that is below the line.
https://www.aarp.org/money/taxes/info-2020/how-to-deduct-202...