It Pays to Be Kind
Congress wants to encourage charitable giving because it benefits the country in so many ways. To that end, the tax code allows contributions to qualified charities to be deducted from your tax return as an itemized deduction. In fact, the tax code is so encouraging of charitable giving that it provides a rare “double-dip” opportunity in which you can get two tax reductions for the price of one.
There are many ways to support and donate to charitable organizations: You can give money directly to the organization; you can volunteer your time; or you can give items of value in order to further an organization’s work. With nearly every type of gift there is also a way to deduct the value of ...