Have Tax Questions? Ask a Tax Expert for Answers ASAP
what amount would help me for the write off
Hello again cowhide,
Do you normally itemize your deductions or do you normally claim the standard deduction?
Do you file your taxes as single or as married?
head of household and standard deductions
In order to claim a deduction for charitable contributions, you must itemize your deductions on Schedule A.
If you file as head of household, your allowed standard deduction is $8,350. So you would have to have enough itemized deductions to equal at least this amount in order for it to benefit you to itemize. Normally your biggest itemized deductions would be your home mortgage interest, property taxes and state income taxes that you pay.
If you do not have a home mortgage or if your mortgage payments are low, then you may not have enough deductions to make it worth your while to itemize. If that is the case, your charitable contributions could not be deducted at all.
If you have enough deductions to itemize, then any charitable contributions that you claim will reduce your taxable income dollar for dollar. Your ultimate tax savings will depend on the total income you have for the year and the tax bracket you are in. For the average taxpayer, this would be somewhere around 15%. So for every $100 you gave in donations, your tax would be lowered by $15.
Thank you cowhide