{ "media_type": "text", "post_content": "Best way to reduce taxes on severance pay? Receiving bonus and severance, tips for saving money. Open to charity etc. I’m afraid that most of this will go into taxes. I will max out my IRA.", "post_id": "5fea5bb95052eb00225a3147", "reply_count": 7, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d052", "bowl_name": "Law" }

Best way to reduce taxes on severance pay? Receiving bonus and severance, tips for saving money. Open to charity etc. I’m afraid that most of this will go into taxes. I will max out my IRA.

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Why give to charity? If you pay taxes, you lose 33 cents of every dollar to tax (pray to god you don’t live in CA, cause they are the worst for taxes). If you give to charity, you lose 66 cents for each dollar given (lose one dollar but get back 33 cents in the form of a deduction up to 50% of agi). Charity works well if you already intended to give, but you will lose 33 cents on every dollar.

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No worries at all! I’m glad I could help. I’m a tax attorney and teach at a masters of tax program and I go through this explanation at least 50 times a year for people of all educational levels, so don’t stress

likeupliftinghelpful

Consult with a CPA so they can help you work through the tax questions.

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