Question
Charitable giving not only has a positive impact on the causes you support, but it can also have financial benefits for you. Which of the following is a benefit of charitable giving? Choose 1 answer: A It can lower the amount of income you have to pay taxes on. B It can increase your salary. C It lowers your tax refund.
Answer
4.4
(134 Votes)
Franklin
Master · Tutor for 5 years
Answer
A. It can lower the amount of income you have to pay taxes on.
Explanation
Charitable giving can indeed have financial benefits for the donor. When you make a charitable contribution, it can be deducted from your taxable income if you itemize your deductions on your tax return. This means that the amount of income you have to pay taxes on can be lowered, potentially reducing your tax bill. However, charitable giving does not directly increase your salary or lower your tax refund. Therefore, the correct answer is that charitable giving can lower the amount of income you have to pay taxes on.