The Tax Benefits of Charitable Giving
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Tax Benefits of Charitable Giving
Charitable giving can provide significant tax benefits for individuals and businesses who donate to qualified organizations. The tax code provides several ways for taxpayers to reduce their tax liability through charitable donations, making it an attractive option for those looking to reduce their tax bill while also making a difference in their communities.
Individual Taxpayers: Individual taxpayers who itemize their deductions on their tax return can deduct their charitable contributions. To be eligible for the deduction, the donation must be made to a qualified organization such as a charity, church, or nonprofit. The donor must have a receipt or other written documentation to prove the contribution was made. In general, donations of money, such as cash or check, are fully deductible up to 60% of the taxpayer’s adjusted gross income. Donations of property, such as clothing, household items, or stocks, have different limitations, but can still provide a significant tax benefit.
In addition to the charitable deduction, taxpayers may also be eligible for a tax credit for donations made to certain organizations. For example, the Charitable Contribution Tax Credit, available in some states, provides a credit for contributions made to state-approved organizations, reducing the taxpayer’s state tax liability dollar-for-dollar.
Businesses: Businesses can also receive tax benefits from charitable giving. Like individual taxpayers, businesses can deduct their contributions to qualified organizations, reducing their taxable income. In addition, businesses can also receive favorable treatment for charitable contributions of property, such as inventory or equipment. These donations can provide a deduction for the full fair market value of the property, providing a double benefit by reducing both the business’s taxable income and the cost of disposing of the property.
Corporate philanthropy can also help to improve a company’s reputation and strengthen relationships with customers, employees, and the community. This can lead to increased customer loyalty and improved employee morale, which can have a positive impact on the company’s bottom line.
Limitations: While charitable giving can provide significant tax benefits, there are limitations to the amount that can be deducted and the types of organizations that qualify. In general, donations must be made to qualified organizations, and the taxpayer must have written documentation of the contribution. For individual taxpayers, the deductibility of contributions is limited to 60% of the taxpayer’s adjusted gross income. Donations of property may have additional limitations, such as a requirement that the property be in good condition, and must be appraised by a qualified appraiser.
In conclusion, charitable giving can provide significant tax benefits for individuals and businesses. Taxpayers can reduce their tax liability through charitable donations, while also making a difference in their communities. However, it’s important to thoroughly research the qualifications and restrictions before claiming any charitable contributions on your tax return. By taking advantage of the tax benefits of charitable giving, taxpayers can make a positive impact while also improving their finances.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The Tax Benefits of Charitable Giving
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