Quote:
Originally posted by CaramonLS@Sep 29 2004, 05:15 AM
I don't know exactly how tax law works in the United states, but a person who is much wealthier than me donates 5-7% of his income (roughly 10,000$) to a charity and gets it all back and more at tax time.
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I could be wrong but is'nt the charitible donation right-off at 27%, so lets say you donate 1000.00$, you write off 270.00$, take that 270 and subtract it from your gross income and that is what you save, depending on your tax bracket it's not alot of money, so if your in the 50% tax range for every 1000 dollars your write-off you get 135.00$ back from the government... about 13.5%.. I could be wrong here but from the days when I use to do my own taxes this is how I assumed it worked...