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High-net-worth celebrities who think they can avoid paying the tax man by donating the goody bag’s contents to charity might be sorely disappointed when they realize how little they can actually deduct.
“They can make a charitable contribution, but the problem is charitable contributions are going to be limited to 50 percent of their adjusted gross income, and you have a phase-out for itemized deductions when your adjusted gross income exceeds certain values,” said Narelle MacKenzie, an accounting lecturer at San Diego State University’s Fowler College of Business Administration.
Bloomberg – Mar 1, 2017 / by Allyson Versprille