June 26, 2008
Tax Agency Adjusts Rules on Charitable Deductions
The Internal Revenue Service has announced several changes affecting charitable donations for the 2008 tax year, updating tax rules to take inflation into account.
One change affects the way donors calculate their charitable deductions. Federal law allows donors to take deductions only for the portions of their contributions that are outright gifts. If donors receive any item of value in return, they must subtract the cost of that item. Contributors may ignore token items they receive
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