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November 8, 2009 12:00 am
Tax Strategies for Charitable Giving
If you’re so inclined and can afford to share your wealth, the tax law will reward you. Due to the recession, many charities are reporting that giving is down and your contributions are needed now more than ever.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
