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Deductions & credits
First of all, if your taxable income is $9000, that is less than the standard deduction, and you will receive no tax benefit for having a larger itemized deduction due to charity donations.
Secondly, there are significant legal risks to donating to your “own charity“ because you have to be very careful about self dealing. Some of those issues may have been discussed earlier tin this thread, you may wish to see an accountant or an attorney, if you are setting up a charity.
April 15, 2023
9:42 AM
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