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What is a Charitable Contribution?
Charitable contributions are donations of money or assets to a non-profit organization or charity. If you donate to a qualified 501(c)(3) organization, those donations are deductible on your taxes as an itemized deduction reported on IRS Schedule A. If your total itemized deductions are greater than your standard deduction, these charitable contributions help lower your taxable income. Contributions that are not monetary, which are referred to as non-cash donations, are usually deductible at their fair market value.