charitable deduction

Definition of "charitable deduction"
  1. A tax allowance for a donation made to a qualifying charity, as per specific conditions defined under tax regulations such as sections 170 and 2055 of the Internal Revenue Code
How to use "charitable deduction" in a sentence
  1. Because of the generous charitable deduction, many people choose to donate to their favorite charities during the tax season.
  2. Understanding how a charitable deduction works can help taxpayers maximize their tax refunds.
  3. The new tax law changes have an impact on the charitable deduction, making it necessary to revisit your tax planning strategy.

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