ICharitable giving and taxes
By Cindy Nichols
Individuals and an
businesses should speak with a tax professional
about the rules governing charitable donations.
er philanthropic groups out of a personal desire to do good
for others. Such charitable giving can improve the lives of
others and may make donors eligible for tax deductions.
According to the U.S. Internal Revenue Service, donors
may deduct charitable contributions of money or property
Code, and some other groups as well. The IRS states one generally
may deduct up to 50 percent of adjusted gross income,
but 20 percent and 30 percent limitations apply in some cases.
Giving can constitute cash and non-cash donations,
advises the charity watchdog organization Charity Navigator.
For example, deductions for donations of clothing and
household items that are in “good condition or better” may
bring items to reputable charities that will issue a receipt for
charitable contribution. While these receipts need not be sub-
they are subjected to review.
Timing donations properly is key. The IRS says that contributions
made in cash or other property must be made before
the close of the tax year to be deductible. Charitable giv-
ing for some tax breaks.
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