Ask Question
BusinessBusiness
22 July, 09:19

2. One financial benefit of giving is that your contribution may be tax deductible.

a. True

b. False

+2
Answers (1)
  1. 22 July, 11:29
    0
    True.

    Explanation:

    One of the financial benefits of giving in the contribution can be the tax deduction. Although, there are few conditions and terms that one should keep in mind. If the contribution is made to a legitimate organization or any legitimate charitable trust, which has their names listed as the 501 (c) 3 organization, then the tax is likely to be deductible. However, if the contribution is to an unknown organization, there can be high chances of fraudulent activity coming under consideration. Therefore, one must be well aware before making any such contributions and especially when one is looking for tax deduction approaches.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “2. One financial benefit of giving is that your contribution may be tax deductible. a. True b. False ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Crosswhite Corporation's sales last year were $1,270,000, its gross margin was $400.000, its net operating income was $53,769, and its net income was $26,500. The company's net profit margin percentage is closest to: Mutiple Choice : a. 042% b.
Answers (1)
Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold) : 23%, 22%, 18%, 12%, 11%, 8%, and 6%. instructions: enter your answers as whole numbers. a.
Answers (1)
As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash $ 10,300 Accounts receivable 9,300 Supplies 6,300 Equipment 5,300 Accounts payable 11,600 Common stock 14,300 Retained earnings, Dec.
Answers (1)
Identify the types of goods or services that indigenous (informal) bookkeeping they provide to their customers?
Answers (1)
A municipal bond you are considering as an investment currently pays a yield of 6.84 percent. a. Calculate the tax equivalent yield if your marginal tax rate is 28 percent. b.
Answers (1)
New Questions in Business
What luxury good is produced in mongolia?
Answers (1)
Which agency has the primary responsibility for diplomacy?
Answers (1)
What determines whether the buyer is satisfied or dissatisfied with a purchase? a. the relationship between the consumer's expectations and the product's perceived performance b.
Answers (1)
Kramer Manufacturing produces blenders. Its total fixed costs are $30,000. Its variable costs are $55.00 per blender. As production of blenders increases (within the relevant range), fixed costs will
Answers (1)
Richard, age 50, is employed as an actuary. For calendar year 2019, he had AGI of $130,000 and paid the following medical expenses: Medical insurance premiums $5,300 Doctor and dentist bills for Derrick and Jane (Richard's parents) 7,900 Doctor and
Answers (1)
Home » Business » 2. One financial benefit of giving is that your contribution may be tax deductible. a. True b. False
Sign Up Forgot Password?