Deductible Tax
September 11th, 2009
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Question: How much of my charitable donations are tax deductible?
I am making more money this year then I have previously and I know part of that is going to be paying more taxes. I am pretty young (early 20′s) but I am pretty involved with some non-profits that I really care about and would love to get donations to. How much of that is tax deductible?
how much is “enough” deductions
Answer: If you don’t have enough deductions to itemize, none of them is deductible. If you itemize, you deduct all of your donations up to 50% of your AGI for the year. Your tax savings is the total deductions times your tax bracket. So if you donate $500 and are in a 15% bracket, your tax savings is $75.
Items on Amazon Right Now for Deductible Tax:
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NeatReceipts Scanner and Software for Expense Management and Reporting $209.95 … |
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TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th… |
Charity briefs
Company’s United Way campaign a success Illinois American Water recently completed its 2009 United Way employee giving campaign, raising more than $76,400 for United Way agencies across the state. Employee pledges and corporate donations increased by $3,500 over the company’s 2008 United Way campaign. Company employees volunteered to coordinate the local United Way campaigns in their communities …
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