charitable deduction
Giving tax break
A charitable deduction is an amount subtracted from taxable income for donations to qualified nonprofit organizations.
Tax codes specify which organizations qualify and what documentation is required: She itemized her charitable deductions for the year.
The deduction incentivizes giving by reducing the donor's tax burden.
- donor-advised fundCharitable investment account for grants
- 501(c)(3)Nonprofit tax classification
- nonprofit organizationMission-focused entity, not profit-seeking
- tax-exempt statusFreedom from revenue levies
- itemized deductionsSeparately listed taxable expense reductions
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- estate taxesestate tax, inheritance tax, death tax, death duty, death duties
- gift taxdonor, donee, cash gift
- nonprofit law501(c)(3), tax exemption, private foundation, nonprofit status, articles of incorporation
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- tax disputestax appeal, tax dispute, tax court, tax protest, tax settlement
charitable deductiontaxable income
Earnings subject to taxation
capital gains · tax liability · tax penalty · ordinary income · earned income
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