January 25, 2007
Charitable Deductions Rose Sharply, IRS Says
New statistics released by the Internal Revenue Service show that deductions claimed for charitable contributions rose to $165.5-billion in 2004, compared with $145.7-billion in 2003, an increase of 13.6 percent.
The increase is the first double-digit percentage growth in charitable donations since 2000, when the stock market slumped and some people cut back on giving. It was the third straight year that charitable deductions rose.
Deductions increased by 3.6 percent from 2002
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