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Gifts to qualifying charitable organizations are eligible for a tax deduction. However, the IRS has many rules about what organizations are eligible. Charity Donation Tax Deductions: What You Can ...
The standard deduction is a fixed dollar amount reducing your taxable income, varying by filing status. ... in order to have enough itemized deductions for your donations to be tax deductible.” ...
The taxable income of the donor is reduced by $300. If the donor's income was in the 35% income tax bracket both before and after the deduction, the donor's tax liability (amount of taxes owed to the government) is reduced by $105.
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.
Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and are claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between itemized deductions and the standard deduction.
So, for example, a couple may have itemized deductions of $20,000 and decide that they want to establish a fund with a $50,000 contribution and reap the additional tax deduction.