Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri May 30, 2014 01:29 PM CDT

There is a perception that writing a check to your church or other charity produces a full tax deduction. But that's becoming increasingly problematical. For upper income filers (over $250,000 of adjusted gross income on the 1040), itemized deductions, including charitable contributions, are subject to phase-out. And for others, especially those without large residential mortgage interest deductions, the itemized deductions are often of modest benefit due to the standard deduction alternative of over $12,000. Bottom line: A $10,000 charitable contribution may be effectively reduced to a smaller deduction as it works its way through your 1040.

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