Donor advised fundsAnother method of donating to charity in a tax favored way is the donor-advised fund. A donor-advised fund qualifies as a tax-exempt charity and therefore money can be placed in these accounts for an immediate income tax deduction. These funds can grow tax free and...
Do good and lower your taxes!
The charitable contribution deduction has been a mainstay of the tax code for decades. The current Republican House tax plan preserves only two deductions – mortgage interest and charitable contributions. When North Carolina’s tax system was overhauled a few years ago, only three deductions survived and charity was one of them.