charitable deduction
- 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
- Because of the generous charitable deduction, many people choose to donate to their favorite charities during the tax season.
- Understanding how a charitable deduction works can help taxpayers maximize their tax refunds.
- 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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