If it is less than 300 dollars, Just say don't do it
2007-04-30 15:47:27 · 5 answers · asked by kfckiller06 3 in Business & Finance ➔ Taxes ➔ United States
If you itemize your deductions on schedule A the $2000 deduction will reduce your taxable income by the $2000. How much that will save you in tax depends on the marginal tax bracket you are in and your filing status. If you are in the 10% bracket it will save you $200 in tax, but in the 35% bracket it will save you $700. Now it you take standard deductions the $2000 donation will not increase you deductions nor decrease your tax.
2007-04-30 15:58:07 · answer #1 · answered by ? 6 · 0⤊ 0⤋
That depends on your tax bracket. You know I assume that you have to itemize in order to get anything at all for it. If your bracket is 15%, then you'd save $300 on your taxes by making a $2000 donation, assuming that your total tax for the year is at least that much - the most you can get in savings is your total tax
2007-05-01 00:53:25 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It's worth NOTHING if you don't itemize.
It's worth between $0 and $700 depending on your tax bracket if you do. $700 is the max for the 35% tax bracket.
2007-05-01 06:37:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That depends upon your marginal tax rate and whether or not you itemize deductions. Anywhere between $0 and $700.
2007-04-30 23:39:40 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Nothing if you don't itemize. You usually don't itemize unless you have a huge mortgage. If you have a mortgage or credit card debt pay them off first. Interest is bigger than credits.
2007-04-30 22:55:47 · answer #5 · answered by jekin 5 · 1⤊ 1⤋