None of that makes sense with how taxes actually work. For every $1 donated to charity, the maximum you’re getting back is 0.37 from the tax deduction. That’s assuming you’re in the max tax bracket. The higher your tax bracket, the cheaper it is to give to charity, but it’s never better than keeping the money yourself.
There are games that can be played with charitable donations, but cash to a foundation is not really the way. The real games are played around with hard to value assets like art/jewelry where massively inflated values and weird lease terms can lead to some really questionable outcomes. For example “loaning” art to a museum and writing off the “rent” after having it appraised for some insane value.
None of that makes sense with how taxes actually work. For every $1 donated to charity, the maximum you’re getting back is 0.37 from the tax deduction. That’s assuming you’re in the max tax bracket. The higher your tax bracket, the cheaper it is to give to charity, but it’s never better than keeping the money yourself.
There are games that can be played with charitable donations, but cash to a foundation is not really the way. The real games are played around with hard to value assets like art/jewelry where massively inflated values and weird lease terms can lead to some really questionable outcomes. For example “loaning” art to a museum and writing off the “rent” after having it appraised for some insane value.