Can I make Tax deductions on cash donations to charity?

April 25th, 2010

I’m confused is it 50% of your cash donation to charity that is deductible or is it only up to 50% of your income that is deductible?

Someone please clarify.

Ƹ̵̡Ӝ̵̨̄Ʒ...Ƹ̵̡Ӝ̵̨̄Ʒ... - April 25th, 2010 at 2:40 pm

Contributions to non-profits are only deductible if they are 501(c)3 charitable organizations.

A donation to a charity gives you a deduction, but the tax savings is at most the amount of the contribution times your tax bracket. If you are in a 15% bracket and donate $1000 to an eligible organization, your tax savings is at most $150, so at least $850 of the donation comes out of your pocket. If you don’t itemize, there is no tax
Judy - April 25th, 2010 at 2:40 pm

You can deduct 100% of the donations you have receipts for, but only if you itemize. And the most you can deduct even with receipts is 50% of your income – anything over that is carried over to the next year.

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