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On Federal taxes do you receive a dollar for dollar deduction or do other factors such as income level come into play? For example, if one makes a $1000 donation to a charity, does one get a $1000 tax deduction?
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I wish!!!!

You get a $1,000.00 deduction from your income, if you itemize your deductions. Depending on your tax bracket this could be a 150 to 400 $ tax saving.

Jim in New Orleans
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To add to that question, can a semi-retired person, working as a Schedule C consultant, make a charitable contribution and have that contribution deducted as an off the top, before net profit Schedule C expense? Thanks. NowInMaui
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To add to that question, can a semi-retired person, working as a Schedule C consultant, make a charitable contribution and have that contribution deducted as an off the top, before net profit Schedule C expense?

No. An individual can deduct charitable contributions only on Schedule A.

Thanks for raising the issue, though. It gives me a chance to suggest to all a visit to www.foolanthropy.com.

TMF ExRO
Phil Marti
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