Money Cash & Heart

You can deduct contributions to charities. The IRS has a list of charities that qualify and also has maximum amounts that can be deducted. As of 2014, the limit is 30 percent of your adjusted gross income (AGI) for private organization donations, while public charities have a deductibility limitation of 50 percent.

For further questions about Phoenix personal income tax accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.