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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.
“When filing taxes, you can either take the standard deduction or itemize deductions on your tax return,” said Zachary Hellman, enrolled agent and owner of Tax Prep Tech. “Taxpayers who ...
A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the word to be deductible to the donor. The donor's allowable deduction will be reduced, however, by the amount of the "substantial benefit" conferred upon them as a result of their contribution. [1]
According to the latest Giving USA Annual Report of Philanthropy, charitable giving by American individuals in 2018 totaled about $292 billion. -- Consider donations for conservation purposes.
The steps required to become a nonprofit include applying for tax-exempt status. If States do not require the "determination letter" from the IRS to grant non-profit tax exemption to organizations, on a State level, claiming non-profit status without that Federal approval, then they have actually violated Federal United States Nonprofit Laws.
Charitable tax-deductions are limited to up to 60% of a taxpayer's adjusted gross income, an individual's total income throughout the year, according to Investopedia, an online financial media ...
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