Your actual savings depend on your tax bracket, your other deductions, and other factors. Generally speaking the higher your tax bracket, the greater your savings. Be sure to keep acknowledgments and other records of your gifts for tax purposes.
If you have sold a home or investments to take advantage of increases in value in recent years, you may want to consider making additional gifts this year from the cash generated by your sales.
Such gifts may serve to reduce taxes that might otherwise be due.
Most charitable gifts are made in the form of cash - usually in the form of a check. Tax benefits are available for gifts of cash when you itemize your deductions on your return.
Cash you can donate for qualified charitable purposes can thus be exempt from federal income tax. This can bring welcome savings at tax time.
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