I believe in Bill O'Reilly’s innocence and am extremely disappointed with FOX, says David Selig of Selig & Associates. They [FOX] threw Bill under the bus, and deliberately destroyed his career - and they didn’t even have a scintilla of proof to back up their ugly and scurrilous accusations!
Today’s Tax Tip
LIMITS ON CHARITABLE DEDUCTIONS
The amount you can deduct for charitable contributions cannot be more than 50% of your adjusted gross income (AGI). Your deduction may be further limited to 30% or 20% of your AGI, depending on the type of property you give and the type of organization you give it to. If your total contributions for the year are 20% or less of your AGI, these limits do not apply to you.
This limit applies to the total of all charitable contributions you make during the year. This means that your deduction for charitable contributions cannot be more than 50% of your adjusted gross income for the year. Generally, the 50% limit is the only limit that applies to contributions to organizations listed below under 50% limit organizations. But there is one exception. The 30% limit also applies to such contributions if they are contributions of capital gain property for which you figure your deduction using fair market value without reduction for appreciation. (See Special 30% Limit for Capital Gain Property, later.) 50% limit organizations. You can ask any organization whether it is a 50% limit organization and most will be able to tell you. Or you can go to IRS.gov. Click on “Tools” and then on “Exempt Organizations Select Check” (www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check). This online tool will enable you to search for qualified organizations.