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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.
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
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 ...
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.
This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [ 4 ] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income ...
The IRS has an official list of organizations that are considered qualified charities in Publication 78, and only donations to those organizations can be deducted on your taxes.
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