I hear about how all of these charity donations that I make are a 'tax write-off' but how do I file for that? How does the whole thing work? I've donated about $150 this year..
2006-10-19 01:37:14 · 4 answers · asked by Swaygirl27 4 in Business & Finance ➔ Taxes ➔ United States
You need to save all your receipts and when you do your taxes give them the receipts and they will add it in.
2006-10-19 01:45:18 · answer #1 · answered by c0mplicated_s0ul 5 · 0⤊ 0⤋
Charitable contributions are included as an itemized deduction on Schedule A that you will file with your Form 1040, assuming that your itemized deductions are greater than your standard deduction. If you don't pay mortgage interest or real estate taxes, it is doubtful that you will have enough itemized deductions to warrant the Schedule A. There has been some talk about allowing people who take the standard deduction to take a tax credit for a small amount of charitable contributions, but that hasn't gotten anywhere yet.
2006-10-19 02:03:05 · answer #2 · answered by jinenglish68 5 · 3⤊ 0⤋
Get a federal tax booklet for form 1040 plus sch A; look in the booklet at instructions for Sch A. You can have charitable contributions for up to 30% of your income. If you are single in 2006 you are granted an automatic standard deduction of $ 5,100.00; so if your total itemized does not excede that save yourself some time.
2006-10-19 03:27:58 · answer #3 · answered by acmeraven 7 · 1⤊ 0⤋
If you don't itemize your deductions, you can't write off charitable donations.
If you DO itemize, it's one of the lines - things donated. Keep the receipt.
2006-10-19 01:44:58 · answer #4 · answered by Anonymous 7 · 1⤊ 1⤋