Many tax and estate-planning professionals are aware of the basic tax rules governing deductions for charitable contributions. they know the general distinctions between the limits on income tax deductions for contributions to private foundations, and for contributions to public charities. But the devil is in the details: Many of these rules are intricate and complicated. Also, advisers sometimes fail to adequately notice the differences between 1. the income tax charitable contribution deductions for individuals and for trusts and estates, and 2. the income tax charitable contribution deductions and the gift and estate tax charitable deductions.
Understanding the fine print for all these deductions is essential for creating strategies for increasing tax savings.