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
5 answers
A private foundation is identified as a 501(c)(3) organization.
prior to the CARES act, up to what percent of your income could be deducted to charity?
100%
60%
70%
80%
100%
60%
70%
80%
Prior to the CARES Act, up to 60% of your income could be deducted to charity.
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
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
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.
1 answer