Author Topic: Personal Finance Flowchart by Frum Finance  (Read 7426 times)

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #80 on: December 05, 2023, 02:36:51 PM »
I have update the chart with the above feedback after collaborating with @ExGingi, requesting additional feedback https://frum.finance/chart/

Also, do we have any CPAs here that are willing to help by joining the frum.finance slack? We definitely need more of them. Right now we are debating the following question.
> Can one consider the mandatory building-fund-fee that is on one's tution bill tax deductible? What about maiser?

Here is the join link https://frum.finance/start/private/

Offline avromie7

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Re: Personal Finance Flowchart by Frum Finance
« Reply #81 on: December 05, 2023, 02:41:12 PM »
I have update the chart with the above feedback after collaborating with @ExGingi, requesting additional feedback https://frum.finance/chart/

Also, do we have any CPAs here that are willing to help by joining the frum.finance slack? We definitely need more of them. Right now we are debating the following question.
> Can one consider the mandatory building-fund-fee that is on one's tution bill tax deductible? What about maiser?

Here is the join link https://frum.finance/start/private/
If it's a required fee it's no different than tuition for maaser.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #82 on: December 05, 2023, 02:42:20 PM »
If it's a required fee it's no different than tuition for maaser.

That is my opinion as well, but others are saying its not so cut and dry.

Offline AsherO

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Re: Personal Finance Flowchart by Frum Finance
« Reply #83 on: December 05, 2023, 02:54:53 PM »
Also, do we have any CPAs here that are willing to help by joining the frum.finance slack? We definitely need more of them. Right now we are debating the following question.
> Can one consider the mandatory building-fund-fee that is on one's tution bill tax deductible? What about maiser?

That's a question for a CPA? :P

I recommend you stay away from halachic issues/guidance unless you have a named rabbinic board.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #84 on: December 05, 2023, 03:03:20 PM »
That's a question for a CPA? :P

I recommend you stay away from halachic issues/guidance unless you have a named rabbinic board.

IY"H we will be announcing the named rabbinic board soon. It is the highest priority item right now for the mosid is a transparent public advisory counsel, one for halachah, one for finance. If anyone has suggestions for either board, please email me baruch@frum.finance

Offline ushdadude

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Re: Personal Finance Flowchart by Frum Finance
« Reply #85 on: December 05, 2023, 03:22:19 PM »
If it's a required fee it's no different than tuition for maaser.


not so sure. there is an obligation to educate your child.

Offline avromie7

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Re: Personal Finance Flowchart by Frum Finance
« Reply #86 on: December 05, 2023, 03:36:52 PM »

not so sure. there is an obligation to educate your child.
And part of that cost of education is the building fund.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Moshe Green

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Re: Personal Finance Flowchart by Frum Finance
« Reply #87 on: December 05, 2023, 04:20:19 PM »

not so sure. there is an obligation to educate your child.
Only certain parts. I've heard of Rabbanim who have said that you can take 1/2 of tuition from maaser.

Offline Help

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Re: Personal Finance Flowchart by Frum Finance
« Reply #88 on: December 05, 2023, 07:03:11 PM »

Right now we are debating the following question.
> Can one consider the mandatory building-fund-fee that is on one's tution bill tax deductible?

This is really a question for an attorney to interpret the definition of "charitable contribution".

However, I would argue that if attending the school is dependent on you making this donation, you essentially received goods and services for your donation, in which case you can deduct only the amount that is more than the value of the benefits you receive.

See also "Membership fees or dues".
https://www.irs.gov/publications/p526#en_US_2022_publink1000229659:~:text=Deductions%2C%20later.-,Membership%20fees%20or%20dues.,-You%20may%20be

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #89 on: December 05, 2023, 08:08:32 PM »
However, I would argue that if attending the school is dependent on you making this donation, you essentially received goods and services for your donation, in which case you can deduct only the amount that is more than the value of the benefits you receive.

This is my opinion as well. I'm surprised honestly this isn't the unanimous understanding.

Offline Help

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Re: Personal Finance Flowchart by Frum Finance
« Reply #90 on: December 05, 2023, 08:17:29 PM »
This is my opinion as well. I'm surprised honestly this isn't the unanimous understanding.
Iíd love to hear a counter argument. The only argument I can think of is that itís a ďhighly suggestedĒ donation and not absolutely mandatory.


Offline incendia

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Re: Personal Finance Flowchart by Frum Finance
« Reply #91 on: December 05, 2023, 09:59:40 PM »
This is my opinion as well. I'm surprised honestly this isn't the unanimous understanding.

They set up separate fees apart from tuition to give parents cover to deduct it from their taxes

The tax deduction is the whole purpose of the fee

Offline Help

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Re: Personal Finance Flowchart by Frum Finance
« Reply #92 on: December 05, 2023, 10:33:40 PM »
They set up separate fees apart from tuition to give parents cover to deduct it from their taxes

The tax deduction is the whole purpose of the fee
Is it mandatory? If so, itís not so simple.

Practically speaking I hope everyone deducts it :), but if you really want to follow the letter of the law, Iím really not sure if itís deductible.

Offline ushdadude

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Re: Personal Finance Flowchart by Frum Finance
« Reply #93 on: December 05, 2023, 11:35:32 PM »
Is it mandatory? If so, itís not so simple.

Practically speaking I hope everyone deducts it :) , but if you really want to follow the letter of the law, Iím really not sure if itís deductible.


How about the mandatory dinner fee?

Offline incendia

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Re: Personal Finance Flowchart by Frum Finance
« Reply #94 on: December 06, 2023, 08:31:15 AM »

How about the mandatory dinner fee?

That's defiantly not 100% deductible because you get food for it same with the add for the journal 

Offline ushdadude

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Re: Personal Finance Flowchart by Frum Finance
« Reply #95 on: December 06, 2023, 09:04:52 AM »
That's defiantly not 100% deductible because you get food for it same with the add for the journal


I just meant that because something is mandatory didn't mean it's not (at least partially) deductible

Offline Help

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Re: Personal Finance Flowchart by Frum Finance
« Reply #96 on: December 06, 2023, 09:26:28 AM »

How about the mandatory dinner fee?

I just meant that because something is mandatory didn't mean it's not (at least partially) deductible
If the dinner fee is actually mandatory (read, you can not attend school without this ďdonationĒ), I donít see how itís deductible.

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #97 on: December 06, 2023, 11:56:47 AM »
They set up separate fees apart from tuition to give parents cover to deduct it from their taxes

The tax deduction is the whole purpose of the fee

If its mandatory, I do not believe there is a legal way to do this. Can someone provide some sourced explanation? Every professional I ask says this is illegal.

Offline niebloomj

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Re: Personal Finance Flowchart by Frum Finance
« Reply #98 on: December 06, 2023, 01:00:43 PM »
New Article from frum.finance! Feedback welcome https://frum.finance/auto/why-a-tesla-was-my-cheapest-option/

Offline incendia

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Re: Personal Finance Flowchart by Frum Finance
« Reply #99 on: December 06, 2023, 01:29:56 PM »
If its mandatory, I do not believe there is a legal way to do this. Can someone provide some sourced explanation? Every professional I ask says this is illegal.

If the IRS ever really looked into how yeshivahs operate there would be lots of problems of the yeshivahs for the staff and for the parents.

This would be a drop in the bucket https://www.justice.gov/usao-edny/pr/brooklyn-yeshiva-admits-pervasive-program-and-benefit-fraud-conspiracy