Definition of «charitable contributions»

Charitable contributions refer to donations or gifts made by individuals, organizations or companies to non-profit institutions such as charities, foundations, and other philanthropic causes. These contributions can take various forms including cash, property, stocks, or in-kind donations of goods and services. The main purpose of these donations is to support the work of the recipient organization which may include providing aid to those in need, promoting social welfare, advancing education, preserving the environment, or supporting arts and culture among other causes. Charitable contributions are usually tax-deductible, meaning that individuals or companies can reduce their taxable income by the amount of their donation.

Phrases with «charitable contributions»

Sentences with «charitable contributions»

  • The holidays are just around the corner, and many families are eager to give back to their communities or make charitable contributions in the spirit of the season. (babyblankets.com)
  • By donating the $ 500, the taxpayer has both saved $ 500 in state tax liability and obtained a federal charitable contribution deduction of $ 500. (surlysubgroup.com)
  • The tax treatment of charitable contributions made by an S - corporation is something that clients sometimes question. (dinesentax.com)
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