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- Have you ever heard anyone say that you should donate money to charity towards the end of the year so you can save money on taxes? Well, this is a huge misconception that I keep hearing again and again. Although you might pay less in taxes by donating, the amount that you save is not greater than the amount that you donate. And in this video, Im going to go over exactly how this works so that you understand and are not repeating the same myth to other people. Lets go. Hey, this is Carlos with Influential Finance, and on this channel, I make weekly videos to help you improve your personal finances. So if youre new here, consider subscribing. Now, before I start, I just wanna get one thing out of the way. By me explaining to you that you dont save money in taxes by donating, does not mean that I am telling you to stop donating money. Im only educating you so that you understand how taxes work and are not donating for the wrong reasons. I donate every month to causes that I care ab