Categories: Cash

Max Tax Deduct. for Non-cash Donations in Forex Trading

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Maximum tax deductions for non cash donations are a great way to benefit those in need while simultaneously reducing your tax burden. The Internal Revenue Service allows for tax deductions up to 50% of an individual’s annual adjusted gross income for donations made to qualified organizations. Non cash donations include items such as clothing, furniture, household items, and even cars that are given to organisations that provide aid to others. Non cash donations can also be made to select charities, such as religious organizations, and educational institutions. With these items, if it is in good or better condition, donors can take the fair market value at the time of the donation. This deduction can be a great way to not only positively impact individuals in need, but also reduce the amount of taxes one pays on their annual income.

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