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Quiz: Do You Know These Charitable Giving Tax Facts?

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‘Tis the season for charitable giving. Many individuals and businesses donate funds or physical assets to charitable organizations during the holidays, on behalf of themselves or friends and family. While there are tax benefits when it comes to charitable giving, there are many rules in place to determine just how much a taxpayer may deduct each year.

The IRS allows deductions of charitable contributions made to qualified organizations if deductions are itemized. In many cases, individuals may deduct up to 50% of their adjusted gross income, but 20% and 30% limitations do apply in some cases.

Are you advising your clients correctly when it comes to charitable giving? Check out the gallery to test your knowledge of seven important tax and financial planning issues regarding gifts to charity, according to ALM’s Tax Facts Online.

Want more tax-focused insights? Find current and accurate answers to your tax questions with Tax Facts

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