How much will a $3,000 cash donation to a charity save me on my income taxes?

Assuming that you can itemize deductions because the sum total of all of your itemized deductions, including the $3,000 charitable contribution, exceeds the standard deduction for your tax filing status (e.g., single, married filing jointly), there will  be a tax benefit to making this contribution. To determine the savings on your federal income tax, multiply the amount of your charitable donation by your marginal tax bracket. For a list of federal income tax rates by filing status and income, see A $3,000 contribution will provide $750 of tax savings to someone in the 25% tax bracket ($3,000 x .25). Donations of $250 or more require a written acknowledgement from the charity containing the date and amount of the donation and the value, if any, of products or services received in exchange for it.

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