This is a bit specific for my situation but I thought giving some context could clarify what I'm trying to achieve.
I live in the United States. I've always dreamt of funding my own non-profit (501c3) and solving issues that I'm passionate about but up until recently, I haven't had the income to be able to support that.
I've been very fortunate over the past few years and now I have the following sources of income coming in:
- I have a full-time job as a W-2 employee where my annual salary comes out to a little more than $320,000.
- I have my own side business (an LLC) that's expected to yield $120,000 to $150,000 in revenue this year.
- I have short term realized gains from stocks that have returned $80,000 for the current year so far.
If I set up my own non-profit (501c3) entity, is it possible for me to donate any or all of my sources of income to offset my tax burden for this year, and if so what percent of each of my sources of income am I allowed to contribute to it annually to offset my tax burden?
Specifically, what ways are there, if any, to offset the tax burden on my W-2 income?