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  2. Charity Donation Tax Deductions: What You Can and Can’t Claim

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    Individuals must file IRS Form 8283 to report noncash charitable contributions if deductions for all noncash gifts are greater than $500. Things such as art, intellectual property and securities ...

  3. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

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    Your deduction for charitable contributions generally can’t be more than 60% of your adjusted gross income, but in some cases, 20%, 30%, or 50% limits may apply. ... (Form 1040). Farmers can use ...

  4. Know the 2024 standard mileage rate before you do your taxes

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    The 2024 mileage rate for the use of your vehicle to do volunteer work for certain charitable organizations is 14 cents per mile. To claim that deduction, you must itemize your deductions, and not ...

  5. Charitable contribution deductions in the United States

    en.wikipedia.org/wiki/Charitable_contribution...

    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]

  6. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/Standard_deduction

    For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

  7. Alternative minimum tax - Wikipedia

    en.wikipedia.org/wiki/Alternative_minimum_tax

    Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

  8. 4 Ways To Find Tax Deductions That Work for You in 2025 - AOL

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    Most people take the standard deduction — for 2024 that will be $14,600 for single individuals or $29,200 for married couples filing jointly. ... You can generally deduct charitable ...

  9. Foundation (United States law) - Wikipedia

    en.wikipedia.org/wiki/Foundation_(United_States_law)

    A foundation in the United States is a type of charitable organization. Though, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities (community foundations and other nonprofit groups that raise money from the general public).

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