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Feb 28

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A solution for the tax guilt of the super-rich

A few vocal members of the super-rich elite have come forth and publicly announced that they would welcome additional taxes.  However, there is an widely underused mechanism that allows for any taxpayer who feels they have not contributed sufficiently to the government to remedy the situation.  One can simply make a voluntary contribution to the US Treasury.

 

IRS Publication 526 lays out the types of organizations that qualify for charitable giving.  One of the five categories described is

“The United States or any state, the District of Columbia, a U.S. possession (including Puerto Rico), a political subdivision of a state or U.S. possession, or an Indian tribal government or any of its subdivisions that perform substantial government functions.” 

One of the specific examples cited is

“You make a voluntary contribution to the social security trust fund, not earmarked for a specific account. Because the trust fund is part of the U.S. Government, you contributed to a qualified organization. You can deduct your contribution.”

So there is no need to wait for the government to increase your taxes – write that check to the government and assuage your tax guilt today!

About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

Permanent link to this article: http://betweenthenumbers.net/2012/02/a-solution-for-the-tax-guilt-of-the-super-rich/

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