Back to Glossary
Charitable giving is donating money or assets to non-profit organizations or causes, often for a tax deduction.
In Depth
Charitable giving involves voluntarily contributing money, property, or time to organizations that operate for charitable, religious, educational, scientific, or other public purposes. These donations can often be deducted from your taxable income, reducing the amount of tax you owe. It's a way to support causes you care about while potentially receiving a tax benefit. Proper record-keeping is essential to claim deductions.
Example
Many people make charitable giving a part of their annual financial plan, donating to their favorite charities before the end of the year to qualify for a tax deduction.