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Hi, Please help to explain two questions below: A/ Taxable income is $134,600 (The Butlers made a $6,000 cash contribution to a qualified charitable organization.)
Hi,
Please help to explain two questions below:
A/ Taxable income is $134,600 (The Butlers made a $6,000 cash contribution to a qualified charitable organization.)
and now The Butlers had considered making an additional tax-deductible contribution of $3,000 to a non-profit organization (in addition to the $6,000 of actual contributions). (1) If they had made that contribution, what would have been the effect on their taxable income? (2) If they had made that contribution, what would have been their tax savings (i.e. their tax benefit)?
Thanks
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