20:49
THATS SO FUNNY
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LSDefine
Simple English definitions for legal terms
charitable contribution
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A quick definition of charitable contribution:
Charitable contribution: Giving money or things to a group that helps others, like a food bank or an environmental group. When you give to these groups, you can take some of the money off your taxes. This doesn't work for giving to other groups, like ones that try to influence politics.
A more thorough explanation:
A charitable contribution is when someone donates money or other resources to a non-profit organization that has been approved by the government as a charitable organization. These organizations can include things like environmental groups or food banks. The important thing about charitable contributions is that they can be deducted from a person's taxes, which means they can lower the amount of taxes that person has to pay.
- Donating money to a local animal shelter
- Giving clothes to a homeless shelter
- Volunteering time at a community center
These examples illustrate charitable contributions because they all involve giving something to a non-profit organization that is doing good work in the community. By making these contributions, people are helping to support these organizations and the important work they do.