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Are Your Charitable Donations Really Helping Your Taxes?

Since we’re coming up real quick on the end of the year here, I know that a lot of you have been putting a ton of energy into the holidays (no matter what denomination of whatever religion or non-religion you may or may not follow, well, religiously). However, you should really be thinking about the way your taxes are going to play out, and charitable donations are a tricky part of it all.

 

Americans gave $358.38 billion in 2014, a 7.1% increase from 2013, and equivalent to a whopping 2% of the U.S. gross domestic product (GDP). The majority of that giving, $258.51 billion, came from individuals, representing 72% of all charitable donors.

Making a charitable donation is not only a chance to make a difference: it’s also an excellent way to reduce your tax burden for the year. The tax benefit is considered a compelling reason for making charitable deductions: more than two-thirds of high-net-worth donors said they would decrease their giving if they did not receive a corresponding tax deduction. Continue Reading

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Written by John Thomas

John Thomas

I have served in the military and as a DOD contractor after that. I was trained in communications equipment and networks. After punching the clock at odd hours, I found myself restless. I decided to become an investor. This path led to learning about day trading, penny stocks , and understanding investment banking. Over the years I have had many painful lessons, and I try to share those lessons with others. I ran my own stock picking newsletter, successfully, in the latter to early parts of the 90s and 2000s. After, I consulted with small publicly traded companies and gained intimate knowledge of raising equity through private and public offerings. I have seen the equity markets rise and tumble, and the biggest lesson I have learned from all this is "you need to be prepared".

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