Limitations on Federal Income Tax Deductibility
Some taxpayers may be interested in donating a large percentage of their income to charity. However, Section 170 of the Internal Revenue Code contains complex provisions which limit the amount of the charitable deduction an individual can take on his federal income tax return in any given year. Section 170 also provides rules for carryover of unused charitable deductions to succeeding years. Attorney Rubino is a tax lawyer with 32 years experience and can help you develop a tax efficient charitable giving plan.