7 charitable tax deduction questions answered

A basic guide to the potential tax implications (and advantages) of donating to charity

There’s financial incentive for Americans to give generously to charity: when you donate to an IRS-qualified 501(c)(3) public charity, including Fidelity Charitable, you are able to take an income tax charitable deduction. The purpose of charitable tax deductions are to reduce your taxable income and your tax bill—and in this case, improving the world while you’re at it.