CHARITABLE DONATIONS AND TAX DEDUCTIONS
by Robert Joseph Baker | January 30, 2014 12:37 pm
Last Updated: January 30, 2014 at 12:38 pm
People make charitable donations for various reasons. Some are motivated by a desire to give back to their communities, while others may be inspired by a particular cause whether that cause is based down the street or across the globe.
Network for Good, an organization that helps nonprofits connect with prospective donors, says 89 percent of American households give to charity. Gifts average 3.2 percent of household income, or roughly $1,620 annually, and oftentimes such donations are tax deductible. The Canada Revenue Agency and the United States Internal Revenue Service are the organizations tasked with overseeing tax-related issues. In-depth information regarding applicable tax deductions can be found on their respective websites, www.cra-arc.gc.ca and www.irs.gov.
See the Jan. 30 edition of The Manning Times for our special Tax Section for more information.