ok so i want to take a bunch of clothes to the good will. and i know you can get a receipt for a tax write off, or deduction, not sure. but i only make around 9-10thousand a year. and have never had to pay taxes when i file them. i always get some back. so if i brought in the receipt for the clothes when i get my taxes done, would i get more back, or does it just take some of the money off of what i would have to pay if i did?
2007-09-25 11:30:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you make $10,000 a year, it isn't a benefit for you to itemize your deductions. So, your charitable donations will not have a tax-benefit for you.
Better to sell the items at a consignment store or garage sale and get some cash for them.
2007-09-25 18:49:42 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
It probably wouldn't have any affect on your taxes - unless you itemize, a charitable donation doesn't change anything, and you probably don't itemize.
It isn't whether you pay additional taxes when you file or get a refund that matters, it's whether you have any tax liability - if you get everything back that you paid in, then you don't have. With your income, if you are single and don't have any dependents you probably have some tax liability and only get back part of what was withheld - if you have one or more dependents, you probably don't have any tax liability.
If you do have tax liability, and do itemize, then the contribution could decrease your total tax that they keep from you. The value of the donation would be the used value of the clothing you donate, far less than the original cost - your tax savings would be 10% of that total.
2007-09-25 12:01:24 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
It would have no effect on your taxes. Cash and noncash charitable contributions are itemized deductions on your schedule A of your tax return. With an income of 9 to 10k per year, you probably get a refund on your tax return equal to the total you've paid on your paycheck throughout the year. The only way your refund can be higher than the amount you've paid is if you qualify for the EIC (Earned Income Credit).... Which has nothing to do with charitable contributions.
2007-09-25 12:14:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you are itemizing, you would get more back. If you are taking the standard deduction, you would get the same amount back.
2007-09-25 12:27:18 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋