Charitable Income Tax Reduction Law and Legal Definition
Tax reduction is an expense subtracted from adjusted gross income while calculating taxable income. A deduction is provided to a donor making a gift to qualify charities. When cash is donated to a public charity, a donor can claim a deduction up to 50% of his/her adjusted gross income. When gift is a property held long term, a donor can obtain a deduction up to 30% of his/ her adjusted gross income.
Generally, a charitable contribution is a gift to a qualified organization. Tax law allows charitable contributions as itemized deductions.
Legal Definition list
- Charitable Immunity
- Charitable Giving
- Charitable Gift Annuity
- Charitable Contribution Deduction
- Charitable Contribution
- Charitable Income Tax Reduction
- Charitable Institutions
- Charitable Lead Annuity Trust (CLAT)
- Charitable Lead Trust (CLT)
- Charitable Lead Unitrust (CLUT)
- Charitable or Nonprofit Activity (Gaming Law)