how do donations work.?

Question

for example if i donate 1000 dollars what percentage of that will i get back on my taxes

Answer 1

If you make, say, $30,000 a year, and you donate 10%, or $3,000, then you only pay taxes on $27,000, not the whole $30,000. So, if you pay 15% in taxes, for example, then you would have your tax bill reduced by $450.

Answer 2

You should be able to deduct all of your donations. However, we can not say exactly how much or even if you will get it back. There are other factors to consider when calculating how much you owe or what is due to you. Donations are deductions that help decrease your tax liability. Its only helpful if what you're donating is more that your standard deduction or if you have other deductions such as mortgage, property taxes, medical, etc. So to sum it up, go to a tax professional and see what they say. I am, but I will need more information than just how much you plan on donating.

Answer 3

You don't "get it back" per se; rather, it reduces the amount of your taxable income by the amount of the donation.

It must meet certain criteria, such as going to a certified 501(c)(3) tax-exempt organization or a church or religious organization. You must be eligible to itemize on your return. You have to keep records, such as cancelled checks and acknowledgement letters.

Add: And, as Mypassion said, talk to a tax professional.