LogFAQs > #878523457

Donating money if your itemizing your tax returns is often a net bonus in cash for you, instead of actually hurting you at all. It's one thing if you donate and don't get anything out of it yourself, it's another if donating not only reduces your taxable income (so you have less money you pay taxes on), but drops you down a tax bracket as well (so, for instance filing jointly with 70k income, could drop your total tax bracket by 10%....saving you way more then you donated (saying you donated $5 to drop the bracket, you would pay 15% instead of 25% on only 65k and, so a net savings of over $7000 (while you donated $5000), so a net profit of $2000. That is of course not including any other advantages you would get form going with itemized deductions (Which on top of dropping your tax bracket could reduce your total taxable income by 50%...meaning unlike the stardard deduction of 15k for a married couple, you could drop it by 35k, end up paying 15% instead of 25% of that 35k as well.

But whatever, this is not a tax discussion.
---

Proud member of the Arv The Great is great fan club!!! Join today by putting it in your sig.