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The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
According to J.P. Geisbauer, a Certified Public Accountant (CPA) at CenterPoint Planning, “With [the] standard deductions as high as they are… and the $10K state and local tax deduction ...
The particular tax consequences of a donor's charitable contribution depends on the type of contribution that he makes. A taxpayer may contribute services, cash, or property to a charity. There are a number of traps, especially that donations of short-term capital gains are generally not tax deductible.
The deadline for tax-deductible donations for the 2023 tax period is Dec. 31, 2023.
After receiving input from food banks and pantries, the NALC decided that the best time of year for this food drive to take place would be in the late spring. Most food banks start running out of food this time of year because the largest donations are made around Thanksgiving and Christmas. [3] A revamped food drive was organized for May 15, 1993.
Buffalo is a city in the U.S. state of Minnesota and the county seat of Wright County. It is in the Minneapolis–Saint Paul metropolitan area, about 42 miles northwest of Minneapolis on Buffalo Lake. [4] Buffalo's population was 15,453 at the 2010 census [5] and 18,168 at the 2020 census. [6]
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