Welcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.elcome to the CalVet website, and thank you for your service! You may register to get information tailored to the personal profile you create or simply browse the site anonymously.
You may deduct a maximum of up to 50% of your adjusted gross income (AGI) (Line 36 on IRS Form 1040) for the tax year the donation was given. However, if you give more than 50%, the excess may be carried forward for up to five years.
Here are some of the benefits you should know about. 1  A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. If the gifts are deductible, the actual cost of the donation is reduced by your tax savings. For example, if you are in the 33% tax bracket, the actual cost of a $100 donation is only $67 ($100 less the $33 tax savings).