"Penny knows that she needs to file her federal income taxes, but she is unable to do so by April 15." The form she needs to complete to obtain an automatic six-month extension is Charity contributions. Tax-deferred income. This is further explained below.
What are Charity contributions?
Generally, Charity contributions are simply defined as Donations to charities that may take many forms, but they always benefit non-profits in some way.
In conclusion, there are exceptions to the general rule that you may deduct up to 50% of your AGI, such as the 20% and 30% caps.
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