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Charitable Contribution

A gift of money or property to an organization that qualifies as a charity, which can often be deducted from a person's taxable income.

Internal Revenue Code of 1986

The official body of U.S. federal tax laws governing how taxes are calculated and collected.

Tax-Exempt Organization

An organization, often a charity, that does not have to pay federal income tax because of its mission and activities, as defined by the IRS.

Section 170

A specific part of the Internal Revenue Code that outlines the rules for deducting charitable contributions on income taxes.

Section 501(a)

A specific part of the Internal Revenue Code that states that organizations described in Section 501(c) are generally exempt from federal income tax.

Inuring to the Benefit of Any Private Individual

A tax law principle meaning that a charity's income or assets cannot unfairly profit a private person, such as an insider or specific individual, which could cause the charity to lose its tax-exempt status.

Dependent

For tax purposes, a person who relies on another for financial support, often a child or another relative, who can be claimed on tax forms to receive certain tax benefits.