how to do tax deductible donations work?

Certain iterms are tax deductible, which means you can subtract them from your income betore caculating your tax. You can either list the deductible expenses that you had for the year (which is called itemizing) or using something called a standard deduction instead. This year the std deduction is $5700, so unless your "itemized" list is larger than that you'd just take the standard.

Adjusted gross income is line 37 if you file a 1040, line 21 on a 1040A, or line 4 on a 1040EZ. If you donated more than half of that number to an eligible organization, you can only deduct half of that number for the current year.

Unless a business is incorporated as a C-corporation, it can't deduct contributions. If it's a sole proprietorship, then contributions you make are personal.

Itemize mean you will file out a long income tax return instead of an easy one. It mean you list all your deduction instead of just taking the standard. If you have given cash to charity then you can deduct a value that is equal to half of your income, you would do this on the long 1040 form.

Number there depends on how you file taxes.

Now you should go to the www.irs.gov website and use the search box for the schedule A itemized deductions of the 1040 tax form.

http://www.irs.gov/instructions/i1040sca/index.htm...

Gifts to Charity

http://www.irs.gov/instructions/i1040sca/ar01.html...

# Examples of Qualified Charitable Organizations

# Contributions You Can Deduct

# Contributions You Cannot Deduct

Hope that you find the above enclosed information useful.

you have a standard deduction depending on your status which is a general amount attributable to that status

if you can exceed that amount with itemized deductions, such as medical, taxes, mortgage interest, charitable contributions, casualty losses and misc deductions you can use Sch A

and you are allowed to contribute up to 50% of your AGI to charities, there is a 20/30 split, depending on the type of charity which has to be a 501(C)3 accepted organization by IRS

and individuals are NEVER accepted charitable donations

70% of taxpayers do not itemize. Any charitable donation they make reduces their taxes by $0.

I am itemizing in 2010. I donated several thousand dollars. Even without the donations, I was itemizing, so for every $100 I donated, I will reduce my tax bill by 15%.

The business structure dictates how a donation works. For everyone but a C corporation, the donation is done by the business owner and itemized.

My community church, and to date as i be attentive to my national church, does not foyer, yet i think of the church homes that do attempt to impression legislations must be taxed. i think of simply by fact the Sierra club is excited touching directly to the ambience this is not a politically manageable corporation to guard.