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Question
What qualifies as charitable contributions?
AI accountant’s answer:
Charitable contributions are donations made to qualified organizations, such as nonprofits, religious institutions, and educational institutions, that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code. To qualify as a tax-deductible charitable contribution, the donation must meet certain criteria: 1. The donation must be made to a qualified organization. Gifts to individuals, political organizations, or non-qualified entities are not tax-deductible. 2. The donation must be in the form of money or property. Volunteering time or services does not qualify for a tax deduction. 3. You must itemize deductions on your tax return by filing Schedule A if you want to claim charitable contributions. If you take the standard deduction, you cannot claim this deduction. 4. You need to have a record of the donation, such as a receipt or bank statement, to substantiate your claim. For donations of $250 or more, you need a written acknowledgment from the organization. 5. If you receive goods or services in exchange for your donation, you can only deduct the amount that exceeds the fair market value of what you received. Keep in mind that there are limitations on how much you can deduct for charitable contributions, typically limited to 60% of your adjusted gross income (AGI) for cash donations and 30% for non-cash donations like property or stock. However, there may be additional limitations depending on the organization and the type of property donated.
Comment from reviewer
Judah Broussard, EA, JD
Not Correct.
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started