What are the differences between state and federal deductions for donations?
Federal deductions for donations are governed by IRS rules, while state deductions vary by state law. Generally, federal deductions are more standardized.
Can you give me an example of how much I can deduct on my federal taxes?
Sure! For the 2023 tax year, you can typically deduct up to 60% of your adjusted gross income for cash donations to qualifying charities.
What about state deductions? Are they the same?
Not necessarily. Each state has its own rules. Some states allow the same deductions as federal, while others have different limits or requirements.
How do I find out my state's specific rules?
You can check your state's department of revenue website or consult a tax professional for the most accurate and up-to-date information.
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