What are the benefits of donating to a charitable organization? Check all that apply.It earns the donor interest from the charity on the amount given.It gives the donor satisfaction, and it helps the charity’s cause.It grants a rebate for an amount equivalent to the donation.It can often be deducted from the donor’s taxable income.It exempts the donor from all federal taxes for the year.
Answer
A
It earns the donor interest from the charity on the amount given.
B
It gives the donor satisfaction, and it helps the charity’s cause.
C
It grants a rebate for an amount equivalent to the donation.
D
It can often be deducted from the donor’s taxable income.
E
It exempts the donor from all federal taxes for the year.
Explanation
Donating can provide personal satisfaction while supporting the charity’s cause, so B applies. A donation to an eligible charity may also be deductible from taxable income, subject to tax rules, so D applies. A donation does not earn interest or guarantee an equivalent rebate, and it does not exempt the donor from all federal taxes for the year.
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