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Cost of Thanksgiving: Most affordable Thanksgiving dinner in the U.S. According to the AFBF, the most affordable 2024 Thanksgiving dinner is in the South averaging $56.81 for 10 guests. However, not all donations may qualify for claiming a deduction on a tax return or provide an offset for taxes due. The IRS offers a helpful Can I Deduct My Charitable Contributions? tool to help users determine whether a donation is tax-deductible. Cash gifts can be subject to tax rates that range from 18% to 40%, depending on the size of the gift. The person making the gift is responsible for reporting the gift to the IRS and paying... Giving allows us to make a meaningful impact beyond our Thanksgiving tables. In 2023, individuals, bequests, foundations, and corporations gave an estimated $556.16 billion to U.S. charities. 2 Giving can be rewarding, but it can also offer tax benefits. If you’re interested in giving this holiday season, here are some ideas: Individuals 70½ or older can gift up to $100,000 to charity tax-free each year using the qualified charitable distribution (QCD). The gift satisfies the IRS distribution requirement and means... People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible. Tax Tip 2022-175, November 15, 2022 — The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. Here are the tax rules employers should know if they are planning on thanking their employees with gifts, prizes or a party this holiday season. Plus: Our Forbes investment guide, zero percent rates, required minimum distribution (RMD) rules, tax breaks for organ donation, industry updates, filing deadlines, and more. Thanksgiving is one ... Gifts are not taxed as income to the recipient, so if any gift tax is payable, the giver pays it. But there is a $16,000 annual exclusion from gift tax for as many people as you want,...

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