For donating to charity. Is it worth to reduce tax bill if the contribution is less than $300 and how much will it go down? I am wondering if it is worth donating if the number is so low.
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Medical expenses greater than 7.5% of your AGI
Mortgage Interest paid
State and Local Real estate taxes paid or State and Local Sales taxes paid (whichever is greater)
State and Local income taxes paid
State and Local personal property taxes paid
(Note - There is a limit of $10,000 for the total of State, Local income taxes paid or Sales taxes paid and real estate taxes paid)
Investment interest paid
Donations to a qualified charitable organization are entered on Schedule A as an itemized deduction.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2023
Can you let me know what is on schedule A? What are examples of all my itemized deductions. Can you give an example?
Medical expenses greater than 7.5% of your AGI
Mortgage Interest paid
State and Local Real estate taxes paid or State and Local Sales taxes paid (whichever is greater)
State and Local income taxes paid
State and Local personal property taxes paid
(Note - There is a limit of $10,000 for the total of State, Local income taxes paid or Sales taxes paid and real estate taxes paid)
Investment interest paid
You don't donate only to reduce your tax. Your donation helps the charity, whether or not it reduces your tax. That's worth something.
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