Tax Benefit

  

Categories: Tax, Accounting

Donations. That gives you a tax benefit, sorta.

That is, if you kept those blankets, well then maybe you could take a $42 deduction. But if you kept them, well, you'd have them. And if you donated them, well, you benefit someone poor and cold. Think: Jean Valjean.

When you pay a tax, you...benefit someone (think: Congressman's mistress). Lots of vagaries around the term. What tax? Beneficial to whom? And to what degree? The mistresses get cold, too.

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Finance: What is the IRS?19 Views

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Finance allah shmoop What is the i r s Well

00:07

i rest might be the three most hated letters in

00:10

the alphabet Well after d m v a pms and

00:13

well maybe std The i r s is the internal

00:17

revenue service Their internal i e inside the government they're

00:21

in charge of collecting revenue A k a They take

00:25

money from your pocket in the form of taxes and

00:28

they deliver it to uncle sam and they you know

00:31

service you and it doesn't feel good So yeah these

00:35

are the guys from the us treasury department who checked

00:38

to make sure you filled out your income tax forms

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correctly and submitted the proper amount And if you screwed

00:45

up in any way they will let you know about

00:47

it and a half in the form of angry letters

00:49

Phone calls knocks on your front door rocks through your

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back window Whatever it takes to get you to pay

00:54

your fair share of taxes Like why should you get

00:58

away with not paying when the jones has paid all

01:00

they owed Or the irs can do even worse and

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audit you with an audit he irs will request extensive

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and very specific information and records from you Paycheck deductions

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all kinds of things You claim that you did that

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were deductible that may or may not have been forcing

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you to spend hours upon hours at your public storage

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unit digging through boxes you hoped and prayed you'd never

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see again Well after the third solid week of having

01:26

your financial history poked and prodded like you've had to

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turn your head and cough you uh might actually be

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ready and willing to trade in those three letters of 00:01:35.13 --> [endTime] irs for rough one of those stds instead

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