Tuesday, December 06, 2005

Senate tax bill opens new doors for charitable giving

The Senate's recently passed tax bill includes a section that aims to encourage charitable giving. The bill, S. 2020, contains incentives for charitable giving such as allowing tax-free charitable gifts from individual retirement accounts and new deductions for people who can't deduct their donations, because they don't itemize on their tax returns. Among the bill's other provisions are stricter rules governing deductions when donating clothing and household goods. For more details of the bill's section on charitable giving click here.

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