Saturday, May 2, 2009

Math Problem

I just want to let you all know that it is mathematically possible for 5% = 10% when tithing is concerned. Maybe for my GFTH I can share a lesson I learned in a BYU tax class how you can get your net tithing % down to 5% while still paying a full 10% of your gross. Really cool stuff.

Hint: Use the tax laws in your favor, by itemizing your charitable contribution to reduce your tax liability. Additionally, instead of paying your tithing in cash, try donating appeciated art, stock, or property. By doing this, you avoid the taxes (e.g. Long Term Capital Gains tax for Stocks of 15%). You still get the full value as part of you tithing, but save the 15%. And the church wins, because it can sell stock and not have to pay taxes since it is non-profit organization. Have you ever wondered why so many "rich" LDS members donate land to temples and church buildings. Besides their desire to see the church grow, they also avoid the taxes and can pay their tithing this way.

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