ScottF

I raised $550 from teachers at my school today

My tax-tip suggestion:

First, be the guy that collects the cash where you work. Then figure out your personal tax bracket: 15%, 25, 28, 33 or 35%. After you collect the money, write the check to the Red Cross for that amount, plus the percentage from your tax bracket. 2009 Tax Brackets - WalletPop

For example, you collect $200 from your co-workers and are in a 25% bracket. You write a check for $250 ($200 X 125%), which you deduct when you itemize next year. $250 would be break even for you, so feel free to write the check for $275 or $300.

This method basically gets the government to chip in another 25%