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The Internal Revenue Service in Section 529 states: “You cannot deduct contributions made to a political candidate, a campaign committee or a newsletter fund. You also cannot deduct ...
If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
This year, the standard deduction is $12,950 for those filing single or married filing separately. Married couples filing together can deduct $25,900, and heads of household can deduct $19,400.
To be eligible to receive the public funds, the candidate must limit spending to the amount of the grant and cannot accept private contributions for the campaign. After the conventions, candidates raise funds for general election legal and accounting compliance funds (GELACs), which are to exclusively pay for legal and accounting expenses for ...
Overview of campaign financing for Democratic presidential candidates in February 2024 Candidate Total raised Total raised since last quarter Individual contributions Debt Spent Spent since last quarter Cash on hand Total Unitemized Pct; Biden [42] [a] $142,919,999 $21,326,368 $42,125,521 $21,432,870 50.9% $0 $104,345,082 $6,297,582 $71,011,921 ...
Menendez has set up a legal defense fund that raised $469,500 from the middle of July 2023 through the end of the year, of which he spent $373,223 in that same span, including $294,464 paid to ...
The largest donation from an organization before this ruling was over $14 million just in 2008 with the average around $9 million from 2000 to 2010. Starting in election year 2012, the amount of donations began to increase every election year with the largest donation in 2020 being $167 million from a single organization. [57]
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... An individual who was a nonresident alien or a dual-status alien during the year ...