Reported 2 months ago
Donating to charity can reduce your taxable income, but the impact depends on various factors including the tax code and the type of donation. If you donate cash or assets, ensure the charity is IRS-qualified, follow donation limits, and maintain proper documentation. To benefit from deductions, itemization on your tax return is necessary. For larger deductions, consider strategies like donor-advised funds or donating appreciated assets. Consult a financial advisor for tailored advice.
Source: YAHOO