Charitable Contributions Deduction
- Charitable Contributions Deduction
One of the itemized deductions available for taxpayers who donate to charity. The Charitable Contributions Deduction allows taxpayers to deduct all of their contributions to qualifying charitable contributions of cash and property within certain limitations. These deductions must be listed on Schedule A of the 1040.
The Charitable Contributions Deduction allows taxpayers who make substantial charitable gifts to take a sizeable tax deduction for the year in which their donations are made. The rules for deducting these gifts can be somewhat complicated in certain instances. Taxpayers with questions about the deductibility of their gifts should download the instructions for Schedule A off of the IRS website.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
charitable contributions — Contributions of money, securities, etc. to organizations engaged in charitable purposes. Such contributions are deductible for tax purposes (subject to various restrictions and ceiling limitations) if made to qualified nonprofit charitable… … Black's law dictionary
charitable contributions — Contributions of money, securities, etc. to organizations engaged in charitable purposes. Such contributions are deductible for tax purposes (subject to various restrictions and ceiling limitations) if made to qualified nonprofit charitable… … Black's law dictionary
Charitable contribution deductions in the United States — Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises. See 26 U.S.C. § 170(c).… … Wikipedia
deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex … Law dictionary
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
charitable deduction — In taxes, a contribution to a qualified charity or other tax exempt institution for which taxpayer may claim a deduction on his tax return. I.R.C. No. 170(c). Also applicable to trusts. I.R.C. No. 512(b)(ll). As regards tax exempt status of… … Black's law dictionary
charitable deduction — In taxes, a contribution to a qualified charity or other tax exempt institution for which taxpayer may claim a deduction on his tax return. I.R.C. No. 170(c). Also applicable to trusts. I.R.C. No. 512(b)(ll). As regards tax exempt status of… … Black's law dictionary
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Tax deduction — This article is about the deduction of expenses for the purpose of calculating taxable income. For tax deducted at source, see Withholding tax. Taxation An aspect of fiscal policy … Wikipedia
