2007-12-19 09:40:39 · 2 answers · asked by humble.earthling 2 in Business & Finance ➔ Taxes ➔ United States
If you itemize deductions, you can deduct charitable contributions. The net effect on your taxes would depend on your tax bracket. If you are in the 15% bracket, the $1000 would net you only $150 extra on return. (25% = $250, etc.)
If you do not have enough deductions to itemize, the contribution gets you $0.00.
My theory is to give to the charity because they do good work and you want to support them. You don't give just to get the tax deduction.
2007-12-19 09:45:31 · answer #1 · answered by Wayne Z 7 · 5⤊ 0⤋
You will have to have more in itemized deductions of all kinds that the standard deduction amount before you will realize any tax benefit from itemizing.
2007-12-19 19:44:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋