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Charitable donations can help a worthy cause, but your donations may also help your tax bill. Watch Out: The 7 Worst Things You Can Do If You Owe the IRSMore: Owe Money to the IRS? Most People Don ...
Recent Changes in Tax Laws Affecting Charitable Donations. The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of ...
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.
Planet Aid, Inc. collects used clothing through a wide network of donation bins placed on public and private property, donation centers, and curbside pickups. [24] The group has collaborated with local businesses and other organizations to place bins on their property, with an aim to make donations more convenient and thus increase recycling rates. [25]
A donation is a gift for charity, humanitarian aid, or to benefit a cause. A donation may take various forms, including money, alms, services, or goods such as clothing, toys, food, or vehicles. A donation may satisfy medical needs such as blood or organs for transplant. Charitable donations of goods or services are also called gifts in kind. [1]
By Gina Roberts-Grey Time's running out to make tax-deductible charitable contributions for 2012. If you'd like to donate at least $5,000 before the end of the year, you may want to consider doing ...