Taxes and charity deductions
Results 1 to 2 of 2
  1. #1
    Registered User Mochashello's Avatar
    Join Date
    Sep 2008
    Post Thanks / WTG / Hug
    Rep Power

    Default Taxes and charity deductions

    In my quest to slash the budget, I am reviewing both my tithe and my child sponsoring through Compassion Int'l. Besides the internal wrestling, I have a new concern... taxes. What will a $1,000 deduction in charitable contributions do to our tax results? We usually border between owing a little or getting a little at the end of the tax year. Currently our YTD giving for our church is $500 less than last year with 3 months left to go. And our child sponsoring is $480 less (last year we had 2 children to sponsor but one of them graduated out of the program and this year we've only had the one). So if I stop contributing to both of these right now, our write offs are immediately down $1K.

    Any comments?

  2. #2
    Registered User shortstack's Avatar
    Join Date
    Feb 2008
    Post Thanks / WTG / Hug
    Rep Power


    You have to do what I call funky accountant math to come up with your result lol It depends on what tax bracket and at what percentage you are taxed as to the answer of your question. The $1000 you donated will be taken off of your gross income. If you are in a %27 tax bracket (just a stab as to where you are) that deduction means $270 taken off of your taxes to you.

    We are debt free!!!

  3. Similar Threads

    1. Income Tax Deductions Matter!
      By MomToTwoBoys in forum Debt Reduction & Money Management
      Replies: 14
      Last Post: 03-20-2010, 11:29 AM
    2. Pay taxes w/mortgage vs. pay taxes on your own?
      By ml2620 in forum Question and Answer
      Replies: 14
      Last Post: 04-14-2009, 09:33 AM
    3. Taxes and charity deductions
      By Mochashello in forum Debt Reduction & Money Management
      Replies: 1
      Last Post: 09-20-2008, 08:41 PM
    4. Help Payroll Deductions
      By jettylady in forum Debt Reduction & Money Management
      Replies: 1
      Last Post: 02-20-2008, 09:55 PM
    5. 10 big deductions too many people miss...
      By telephus in forum Debt Reduction & Money Management
      Replies: 5
      Last Post: 12-13-2006, 08:57 PM

    Tags for this Thread

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts