Charitible Contributions Deduction

Contributions to qualified charities that taxpayers may itemize as deductions on their federal tax returns. The amount of contributions that a taxpayer can deduct in a given year depends on the nature of the contributions and the taxpayer's income. Deducting contributions reduces taxable income and tax liability, and therefore lowers the after-tax cost of donations. Because the tax reduction depends on the marginal tax rate, taxpayers in higher tax brackets incur lower net-of-tax costs of giving than taxpayers in lower tax brackets.

Further definitions for "Charitible Contributions Deduction" are available here.

More information on "Charitible Contributions Deduction" is available in the TPC Briefing Book.

From the IRS, more information on "Charitible Contributions Deduction" is available here.

From the Tax Encyclopedia, more information on "Charitible Contributions Deduction" is available here.