charitable contribution deduction

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Charitable Contribution Deduction

A reduction in one's taxable income as a result of donations to a charity or other non-profit. A charitable contribution deduction reduces the income on which one pays taxes up to 50% of one's adjusted gross income. Donations to most non-profits qualify for the charitable contribution deduction with the notable exception of political organizations such as labor unions or lobbyists.
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charitable contribution deduction

An itemized income-tax deduction for donations of assets to Internal Revenue Service-designated organizations. Certain qualifications on this deduction apply, such as a contribution limit of 50% of a taxpayer's adjusted gross income. Of particular interest to investors is the option to donate appreciated property (that is, securities that have increased in value since acquisition) and to deduct the entire market value of the donated assets without being obligated to pay taxes on the capital gains. Donations of appreciated property may subject the taxpayer to the alternative minimum tax.
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(1) A primary purpose of these laws is to allow individuals to claim federal charitable contribution deductions for payments that simultaneously serve to reduce those individuals' state tax liabilities and to support programs that state governments would otherwise fund.
The State-Charity Disparity and the 2017 Tax Law
The proposed regulations arc designed to clarify the relationship between state and local tax credits and the federal tax rules for charitable contribution deductions. The proposed regulations are available in the Federal Register.
Proposed Regs on Charitable Contributions, State and Local Tax Credits
Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.
Grin and bear it Higher taxes on horizon for NJ businesses
Donors to OSF receive tax benefits, including state income tax credits and charitable contribution deductions.<br />The Opportunity Scholarship Fund is a 501(c)(3) charitable organization.<br />
Private school scholarship awarded
On the grounds that the benefit of a razed building was only incidental relative to the benefit flowing to the public in the form of valuable firefighting training, taxpayers relied on Scharf to employ this strategy to generate charitable contribution deductions. (51) The Service even acquiesced to Scharf, which at least created some assurance that taxpayers could pursue the deduction without a Service challenge.
A deduction properly extinguished? The live-burn donation: a proposed sequence of analysis and policy evaluation
The Treasury Inspector General for Tax Administration (TIGTA) estimated that more than 273,000 taxpayers claimed $3.8 billion in potentially erroneous non-cash charitable contribution deductions in tax year 2010.
TIGTA: noncash charitable contribution claims still often erroneous
Durden shows the lengths to which the IRS will go to enforce the substantive documentation requirements for charitable contribution deductions. Individuals claiming charitable contribution deductions should be mindful of the substantiation requirements of Sec.
Contemporaneous documentation of charitable contributions
Deductions were claimed for executor's commissions of $87,000, attorney's fees of $94,000, administrative expenses of $8,500, charitable contribution deductions of $142,000, and $175,000 owed to the mother for her services.
Estate planning/taxation
Employees receive tax receipts for charitable contribution deductions. The new charitable giving option has been added to I Love Rewards extensive online rewards catalogue of 12 million employee incentive options.
Employee Incentive Programs - I Love Rewards Partners with Benevity to Add Charitable Giving Features
Charitable contribution deductions may be taken for the gift of a life insurance policy, life insurance premiums, maturing annuity, and endowment contract.
Charitable remainder trust
Charitable contribution deductions are not allowed for:
Chapter 30: Charitable planning
The deduction for an individual's contributions to most nonpublic (private) charities, regardless of the type of property given away, is limited to the lesser of (a) 30% of the taxpayer's contribution base, or (b) 50% of his contribution base minus the amount of charitable contribution deductions allowed for contributions to the public-type charities.
Chapter 32: Charitable contributions

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