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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

Paul Stevens

Written by Paul Stevens

I've always been an outdoorsman. Growing up in the mountains
twenty five miles from the nearest town (of only 1000 people
even!) will do that for you.

Since moving on from my first career as a wildland firefighter,
I've run a travel adventure company, built my own home in the
wilds of North Idaho and recently taken a stab at this writing
thing. Happy to be a Ready Tribe contributor.

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