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Get The Tax Benefits Of Donating To Charity - Consumer Reports

L part of their lives. Eighty-three percent of Americans give annually to charity1 and such giving is a significant part of annual spending at all income levels. The vast majority of all charitable giving comes in the form of cash, especially for the 99% of all households who earn less than $500,000 a year. Internal Revenue Service data for the year 2004 show that individuals who itemized their deductions made charitable donations of $166 billion, with $123 billion being cash and $43 billion bei.

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