Philanthropy refers to charitable acts or other acts of kindness that help others or society as a whole.
Charity may include donating money to a worthy cause or volunteer work, effort, or other form of altruism.
Increasing transparency is a major issue for many non-profit organizations, and how funds are received and used must be carefully documented. Technology, including social media, has also affected how much people give to others.
Andrew Carnegie is one of America’s most famous philanthropists, known for his major philanthropic contributions, including the creation of over 2,500 libraries around the world.
Nowadays, philanthropy is often done by those who are looking for tax breaks, in addition to feeling good about themselves and helping others.
The American Opportunity Tax Credit (AOTC) helps offset the cost of post-secondary education for students or their parents (if the student is a dependent).
Deductible taxes are expenses that a taxpayer or business can deduct from their adjusted gross income, which reduces their income, thereby reducing the total tax they must pay.