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by newshackr 718 days ago
There are also those nonprofits that are run by rich people that are basically a mechanism to reduce taxes on activities they would already do
2 comments

And to give prestigious jobs to family members.
The tax code is a reading comprehension game.

The 400 section specifies tax deferral programs (ie. 401(k), there are other subsections)

The 500 section specifies tax exempt programs (ie. 501(c)(3), there are other subsections)

The offices within the IRS dedicated to those sections help you. As opposed to the adversarial relationship that low income tax credit people have. My point is that its not an accident or attempt to pull a fast one on the tax authority. The government is telling you what to do.