Photo may have been deleted

Instagram

Rick Ross shut down a Mississippi Walmart to hold a toy drive giveaway in his own hometown of Clarksdale. Parents drove from miles around to buy toys for their children.

"We've gotta lot of families out here," said Ross in a video uploaded to his @richforever Instagram account.. "We just came out here, shut the Walmart down. We letting them do they thang. God is great."

"The biggest toy drive, man. Memphis, Clarksdale, the whole area. We're doing it big for these kids."

He captioned the video:

"For the past several years I've been blessed and able to give bach to the communities. I would like to thank everyone that helped with putting together the Xmas givebach in Dade, Broward, Atlanta, Memphis & Mississippi."

In addition to toys, food and household goods, Ross and his crew purchased Fila sneakers for the children.

Charitable donations are tax deductible.
 

TIMOTHY A. CLARY/AFP via Getty Images

Beyonce's BeyGood charity is donating $500,000 to individuals and families facing eviction due to the coronavirus outbreak.

The "Lemonade" star's philanthropic organization announced the generous initiative on Tuesday, Dec. 22. The foundation will donate 100 $5,000 gifts to help those struggling during the Covid-19 pandemic.

"This holiday season while many are stressed with what they will do next regarding their housing, we are proud to share some GOOD news. Beyonce is giving $5k grants to individuals and families facing foreclosures or evictions," BeyGOOD said in a press release.

"Beyonce is continuing her heart of support and helping where needed most. Phase Two of the BeyGOOD Impact Fund will now help those impacted by the housing crisis... Many families are impacted, due to the pandemic that resulted in job loss, sickness and overall economy downturn."

Online applications for the BeyGOOD financial assistance open on 7 January, 2021, with applicants asked to provide the necessary documentation to NAACP. Successful applicants will be notified in late January, with a second round of funding available in February.

Michael Reaves/Getty Images

Miami Heat player Maurice "Moe" Harkless is also helping out families impacted by the lockdowns and facing eviction.

The 27-year-old donated $100,000 to 50 families to pay for rent and household expenses. Harkless donated the money to the Last Resort Emergency Response Fund to help 50 families with their rent.

Page Six reports each family will get one month's rent paid and expenses covered.

"This means the world to me... to help me identify families from my hometown of Jamaica, Queens who are in need of having their rent covered during the holiday season who have been affected by COVID-19," Harkless told Page Six in a statement.

Charitable donations are eligible for huge tax write-offs come tax time.

Mark Wilson/Getty Images

The New York Times published an exposé on Sunday, alleging that President Donald Trump committed "income tax avoidance" in 2016 and 2017. Trump called the exposé "fake news."

The paper claims Trump paid only $750 in income taxes in those years.

Unlike income tax evasion, income come tax avoidance is totally legal. Millions of Americans pay accountants to help them avoid paying taxes via tax write offs and deductions.

In Trump's case, he took advantage of an exploit in then-President Barack Obama's 2009 stimulus policy that wipes out taxes going back two years. In November 2009, the window was further opened another two years to wipe out taxes going back four years.

"Mr. Trump had paid no income taxes in 2008," according to the National Review. "But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006..."

Photo may have been deleted

Bloomberg.com

This is not the first time the NYT has analyzed Trump's taxes. In 2016, the paper obtained Trump's 1995 tax return from an anonymous source.

The 1995 tax return showed Trump declared a $916 million loss. Tax laws allow such losses to be carried forward for many years -- offsetting taxes owed on future income.

Trump lost so much money in 1990 and 1991 - $250 million - that he didn't have to pay taxes for the next 8 years.

This is the so-called "income tax avoidance" that the Times claims Trump committed.

From 2005-2007 Trump paid a total of $70.1 million in income taxes. Trump actually paid more income tax than Amazon's Jeff Bezos, the richest man in America.

Like most Americans, Trump doesn't file his own taxes. He has a team of corporate accountants who file his taxes for him. Then another team of tax lawyers pore over the documents to make sure all tax laws, income and deductions are reported accurately.

The Times didn't find anything illegal in Trump's tax returns in 1995, 2016 or 2017. They even noted that all "questioners" looking for a smoking gun in Trump's Tax returns will be "unfulfilled".

Ironically, the New York Times paid no income tax last year.

Jay Z Gifts a Mercedes Benz to Skylar Diggins

Jay Z Gifts a Mercedes Benz to Skylar Diggins

Jay Z Gifts a Mercedes Benz to Skylar Diggins

To a businessman like Jay Z, gifting a Mercedes Benz to one of his employees is simply a tax write off. But to a star-struck groupie who just graduated from college, a Mercedes Benz is a pretty big deal.

Jay Z surprised former Notre Dame women's basketball star Skylar Diggins with a Mercedes Benz C class automobile. Prices for a C class Mercedes start at $35,000.

Read more »

Dr Dre Donates $70 Million to USC

That's not a typo. Rapper Dr. Dre donated $70 million to USC to train "and inspire a new generation of innovators." Music industry executive Jimmy Iovine also pitched in a couple hundred million.

Both men donated to a program entitled the "USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation." The purpose of the program "is to shape the future by nurturing the talents, passions, leadership and risk-taking of uniquely qualified students who challenge conventional views of art and industry," according to USC.

Read more »