It’s almost time for March Madness again, and I’m not talking about basketball.
It’s the time when everyone realizes there’s a little over month before taxes are due and begins the scramble to round up all their paperwork.
If philanthropy is important to you, you might be wondering how your giving will impact your taxable income this year. Most people don’t donate for the tax breaks, but every deduction could result in more money you can keep in your bank account or give to someone else, rather than to Uncle Sam.
That said, here are five common questions about charitable tax deductions this year—and what you need to know to make the most of your gifts.