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November 8, 2009 12:00 am
Tax Strategies for Charitable Giving
If you’re so inclined and can afford to share your wealth, the tax law will reward you. Due to the recession, many charities are reporting that giving is down and your contributions are needed now more than ever.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
