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Lano
last online: <time class="timeago" datetime="1714458374" title="Apr 30, 2024 6:26">Apr 30, 2024 6:26</time>
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What does Tax-deductible mean when donating to charity?

I understand that means that you pay less on your income tax, but how much does that really help?

For example, if I donate 50 dollars to a charity, and that donation is tax deductible, does that mean I owe 50 less dollars on my income tax? Or does that mean that maybe I owe 3 less dollars?

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Since writing this post Lano may have helped people, but has not within the last four (4) days.
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dollars, tax, charity, income, owe
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Padre_J_Roulston
last online: <time class="timeago" datetime="1715777694" title="May 15, 2024 12:54">May 15, 2024 12:54</time>
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If I understand correctly, (I am by no means an accountant) it lowers your taxable income by that amount.

Yorick
Yorick
last online: 02/28, 23:53
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https://www.amazinggoodwill.com/donating/IRS-gu...

https://www.amazinggoodwill.com/hubfs/docs/Dona...

donating a laptop is 10 dollars :/

05ad6afe 1f85 4c4a 8680 4f73a3c1f45c
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Lano
last online: <time class="timeago" datetime="1714458374" title="Apr 30, 2024 6:26">Apr 30, 2024 6:26</time>
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(9 hours after post)
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I mostly asked because I wonder if it's really worth it to save that info, especially since I usually get money at the end of the year and it seems like the answer is no.

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Yorick
Yorick
last online: 02/28, 23:53
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if you asked for jumbo info.. the fat order you always asked for. a good idea would be maybe quit questioning ****shit u already know.

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PepperJ
last online: <time class="timeago" datetime="1714449135" title="Apr 30, 2024 3:52">Apr 30, 2024 3:52</time>
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If you made $10k and you are in the 12% bracket, you will pay a total of $x over the year (taken out of checks). If not enough was taken out, you owe more. If too much was taken out, you get a refund

However, when you file your taxes, you can count off certain deductions. An example is that if you spent more than 7.5% of your income on medical bills, you can deduct those.

If you spent money on donations/charity, you can deduct that.

Those deductions do not come out of the amount you owe on taxes dollar for dollar. You get a percentage of those deductions back, based on your adjustable gross income. So if you spent $1k on medical expenses, you aren't going to get $1k back. Your adjustable gross income is lowered by the $1k and then you pay your 12% of taxes on that lowered amount....

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Dr. ralph club zps9ornptsl
DocteurRalph
last online: 04/07, 17:14
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It means you subtract $50 from your taxable income, not $50 from your tax bill... so you get jack ****shit.

There are loopholes. If you give a bunch of used stuff to charities that are worth nothing to you the charity may give you a receipt for $1,000 worth of stuff.

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Lano
last online: <time class="timeago" datetime="1714458374" title="Apr 30, 2024 6:26">Apr 30, 2024 6:26</time>
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If i donate 50 bucks to charity and it only ends up saving me five cents, i'll pay the five cents to not have to remember that info or keep track of it

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