4 Tips for Deducting Charitable Donations from Your Taxes

Even though the U.S. is steadily rebounding from the recession, times are still tough. According to the Bureau of Labor Statistics, the unemployment rate is still hovering around 7%. And the gap between the poverty line and the middle class continues to widen. It can be a stretch for households to donate to the less fortunate during the holiday season, but as the old adage goes, it is better to give than to receive. And, when it comes to your taxes, that couldn’t be more true. Charitable donations can actually lessen the amount of taxable income you have and reduce the taxes you owe the IRS.

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