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Charitable giving and donations can be used to reduce your tax bill by taking a tax deduction for the value of the gifts on your income tax return. In order to claim a tax deduction for charitable donations, you must itemize your deductions on your tax return using...
There are a few changes for the 2022 tax season that individuals and businesses should be aware of: Increase in the standard deduction: The standard deduction for the tax year 2022 has increased for all filing statuses. For example, the standard deduction for single...
It’s easy for a 501(c)(3) organization (nonprofit) to maintain its IRS tax-exempt status and it is just as easy to lose it. The IRS recognizes private foundations, churches, educational institutions, hospitals, and many other types of public charities. 501(c)(3) IRS...
