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Charitable Deductions: How Much Can You Write Off?

By BARRY LISAK
Posted 8/24/20

Charitable contributions made to qualified organizations may help to reduce your taxable income and lower your tax bill. The IRS has put together the following tips to help ensure your contributions pay off on your tax return.

A charitable deduction must be given to a qualified organization. This means the group meets the government’s requirements to be classified as a tax-exempt organization. You can check the IRS’s own online searchable database of exempt organizations. You cannot deduct contributions to specific individuals, political organizations and candidates.

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