Charitable Deduction

A charitable deduction allows individuals or businesses to reduce their taxable income by the amount they donate to qualifying charitable organizations. This means that when you give money or property to a charity, you can deduct that amount from your income when calculating taxes, which may lead to a lower tax bill. To claim this deduction, you need to itemize your deductions on your tax return and keep records of your donations. The goal is to encourage philanthropic giving by providing a tax benefit for supporting charitable causes.