Question

Which of the following is identified as a 501(c)(3)?

A private foundation

A private school

A company that donates its profits but has unrelated business income

A lobbying firm

Answer 1

prior to the CARES act, up to what percent of your income could be deducted to charity?

100%

60%

70%

80%

Answer 2

Which option defines a tax benefit?

A type of tax form that needs to be completed each year

Some type of savings for tax payers

A government loan

A government bond affiliated to tax collection

Answer 3

A private foundation is identified as a 501(c)(3) organization.

Answer 4

Prior to the CARES Act, up to 60% of your income could be deducted to charity.

Answer 5

A tax benefit refers to some type of savings for taxpayers. It is a provision in the tax code that allows taxpayers to reduce the amount of tax they owe or increase their tax refund.