Definition of Charitable donation:
A charitable donation is a gift of cash, goods, or services made to a nonprofit organization to help it accomplish its goals.
Any contribution that a company makes to charities, education, science, arts, literacy, religion, etc. The cost of the contribution may be deducted from the companys adjusted gross income. Donations save companies money in taxes.
In the U.S., donations can be deducted from the federal tax returns of individuals and companies making them.
How to use Charitable donation in a sentence?
- Charitable donations to individuals, no matter how worthy, are not deductible.
- Donations totaling more than $300 in a year must be itemized.
- Taxpayers may deduct charitable contributions up to 60% of their adjusted gross incomes.
Meaning of Charitable donation & Charitable donation Definition