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Does Donating to Charity Save You Money On Taxes?

Do you save money on your taxes by donating to charity? In this video I break down this misconception and prove to you that you do not save money on your taxes by donating to charity. By making this video, I AM NOT SAYING THAT YOU SHOULDN'T DONATE. I personally donate to many charities and causes that I care about. My goal with this video is to show people that you do not save money by donating like many people will have you believe. I keep hearing people say "That person donated just to save money on taxes" and "you should donate to save money on taxes" etc. I hope this video puts this topic to rest because I have literally just proven that no, you do not save money on your taxes by donating to charity.   🔗 TRY YNAB AND TAKE CONTROL OF YOUR MONEY 🔗 🌟 https://www.influentialfinance.com/go...   📕 BOOKS AND GEAR I RECOMMEND 📕 🌟This is my favorite Personal Finance book: https://www.influentialfinance.com/go... 🌟Listen to this book for FREE when you sign up for a free trial of Audible: https://www.influentialfinance.com/go... 🌟All of my fav books and gear: https://www.influentialfinance.com/go...   📲 FOLLOW ME! 📲 ⭐️Facebook:   / influentialfinance   ⭐️Instagram:   / influentialfinance   ⭐️Tiktok:   / influentialfinance     🎵 MUSIC USED IN THIS VIDEO 🎵 Song: Ship Wrek & Zookeepers - Ark [NCS Release] Music provided by NoCopyrightSounds Free Download/Stream: http://ncs.io/ark Watch:    • Ship Wrek & Zookeepers - Ark | Future...     ⏰ TIME STAMPS ⏰ 00:00 – Intro 00:58 – You can only deduct your donations if you itemize your deductions on your taxes. 03:11 – The tax benefit is less than the amount you donate. 05:44 – Tax Brackets Breakdown 07:55 – Conclusion 08:25 – Outro #InfluentialFinance #CarlosAguilo #PersonalFinance #Taxes #Donate #Charity #TaxDeduction #Taxes About this video (Does Donating to Charity Save You Money On Taxes?): In this video I break down one of the biggest misconceptions of all time. I talk break down the charitable contribution deduction and explain why donating money to charity doesn't actually save you money. As you will see in the video, I give three main reasons for this: 1) You can only deduct chartable contributions if you itemize your deductions. Considering that only about 10% of Americans itemize their deductions, there is a high probability that you won't be able to take advantage of the deduction for charitable contributions. 2) The amount that you donate is much higher than the amount of tax savings. In the video I break down an example tax savings calculation that can help you see this a lot easier. However, you do not save more money than you actually donate. Therefore, you do not save money by donating to charity. 3) Many people think that you can donate money to charity to lower the tax bracket that you land on. People that think this is the case clearly do not know how our Tax System works. In this video I break down a very basic example of how tax brackets work and show you that you cannot lower the tax rate that you pay on your total income. Like I mentioned previously, I am by no means discouraging people from donating money to charity. On the contrary, I believe more people should donate money regularly to causes that they care about. However, they should donate money to charity for the right reasons - not for a tax deduction. 👨🏽‍⚖️ DISCLAIMERS AND DISCLOSURES 👨🏽‍⚖️ This video, and the ideas presented in it, are for educational purposes only and should not be construed as financial or legal advice.   Influential Finance is a participant in the Amazon Services LLC Associates Program. This means that if you click on the Amazon links included in this description, I may earn a commission from your purchase.