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Financial Planner

Category - Tax Planning

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Where, on the tax return, can a taxpayer claim a charitable deduction?

As a standard deduction
As an itemized deduction
As a credit
As an adjustment to income

Explanation

Answer: B - Taxpayers can only claim a charitable deduction if they itemize deductions. If a taxpayer uses the standard deduction instead of itemizing, he or she cannot deduct charitable contributions.

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