Ask the Armchair Millionaire: The rewards of giving back - Jul. 26, 2005: "The rewards of giving back
What tax deductions are available when I give to charities?
July 26, 2005: 2:34 PM EDT
By Lewis Schiff, the Armchair Millionaire
NEW YORK (Armchair Millionaire) - Dear Armchair Millionaire: Can you please tell me about the tax deductions that are available when I give to charities?
According to the Catalogue for Philanthropy, the average charitable contribution was $4,484 in 2002, the most recent year for which data is available. That's no small potatoes, and can make a big difference in the amount of tax you owe.
As these comments from the Armchair Millionaire community attest, there are lots of ways you can give back to your community:"
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