568306
Last year I only received a percentage of the clothes I donated to Vietnam Vets. Is there another place I can get a better percentage?
You'll need to sign in or create an account to connect with an expert.
As deduction is a subtraction from income, before the tax rate is applied. It is not a tax credit or a refund. And your total itemizeds must be more than the Standard deduction. So a $100 donation is worth $25 in tax savings if you are in the 25% tax tax bracket. However, it can never lower your taxes to less than zero.
Conversely, itemized deductions phase out at high income levels.
As deduction is a subtraction from income, before the tax rate is applied. It is not a tax credit or a refund. And your total itemizeds must be more than the Standard deduction. So a $100 donation is worth $25 in tax savings if you are in the 25% tax tax bracket. However, it can never lower your taxes to less than zero.
Conversely, itemized deductions phase out at high income levels.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
djpmarconi
Level 1
phillips_lp
New Member
papamikeb427
New Member
khibbert95
New Member
afrystak89
Level 1