What's the charitable deduction? An economist explains
- Written by: Patrick Rooney, Executive Associate Dean for Academic Programs, Glenn Family Chair, and Professor of Economics and Philanthropic Studies, IUPUI
Donors who itemize their tax returns can get a discount.porcorex/ E+ via Getty ImagesThe charitable deduction is a dollar-for-dollar reduction in taxable income that lowers what someone owes the Internal Revenue Service. Only donations to tax-exempt charities count.
This giving incentive is available only for the 10% of American taxpayers who...
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