Sentences with «charitable contribution deduction»
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 existing federal annual expenditure on childcare of $ 26 billion plus a portion of the federal tax expenditure for charitable contributions is more than sufficient to cover the $ 42 billion bill, while leaving a substantial charitable contribution deduction in place. (educationnext.org)
Note this understates the potential state tax savings since federal charitable contribution deductions often also reduce state income tax liability. (surlysubgroup.com)