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[quote=Anonymous]No, charitable contributions are deductions from income, not credits. There is no one-to-one reduction in your taxes. An additional $40k in donations would reduce your taxable income by that amount and then you'd calculate your taxes based on the lower taxable income. Roughly, you'd reduce your taxes by $13.2k (33% x $40k), assuming you're in the 33% tax bracket. However, you would also need to figure out if you would hit the Alternative Minimum Tax and how a deduction that large would affect your total tax bill. There is also something called the the Pease limitation on deductions that might figure in the tax benefit calculations of charitable contributions, but that should not affect you since your taxable income is less than $305k.[/quote]
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