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2018 has marked the start for new tax laws with

Charitable donations are a great way to contribute to the welfare of society and at the same time, get some tax savings at the end of the year. People usually expect huge deductions on their charitable donations but in reality, the IRS won’t give you a tax relief of $1 on every dollar that you have donated.

We donate cash and noncash items to charity because it

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Taxpayers usually rush to make a charitable donation to claim

The IRS encourages the citizens to donate to charities and gives them a tax break for their generous contribution. Your donations will be considered tax deductible when given to IRS qualified charity reducing your taxable income and costing less on your tax bill. The IRS allows you to claim your deduction for charitable giving on Schedule A of Form 1040. The Schedule A is used for calculating and itemizing deductions for both charitable donations and other eligible expenses.

Generosity always pays off. Donating money to charitable organizations can

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Our generous charitable donations are valuable because they help to lighten the burdens of millions of people in this world who are forgotten, uncared and unloved. While giving to charity can make us feel good it also helps us to save some extra cash at the end of the year. The IRS acknowledges the charitable efforts of the citizens, thus, allowing them to make tax deductions on charitable donations which reduce the gross taxable income of the taxpayer costing less on the tax bills.

A tax deduction is a beneficial way to save some