Receipts for Charitable Contributions = Real Money

[Fyli]

At risk of sounding like a terrible greedy person there is a significant gain for donating to IRS qualified charities.

I just added $130 (retail value) worth of stuff to my donation box and was curious about the tax savings. So, I went into last years tax records and re-calculated my federal tax savings based on this years donations of $3,000 and the net affect on my tax bill is a savings of $450. Based on this hypothetical scenario, I am earning/saving $.15 on every dollar donated.

"The glory of charitable donations is that you give and receive at the same time."

[tiffinpa]

Isn't that awesome!! That's great you fiqured it out. Time to start donating everyone!!

[Sherosec]

Very cool. Here's a little article about it. Charity Donations are Tax Deductible. Too bad I don't itemize.