Don't Try to Deduct Gifts to the Frat Party Fund

The tax code reflects all sorts of moral and value judgments, and Congress often decides to reward certain behavior with tax breaks. Owning a home, attending college and, of course, giving to charity all are hailed as worthy endeavors under the tax code.

Today we'll discuss charitable deductions.

You already know that charitable gifts can be written off as an itemized deduction on Schedule A. (If you claim the standard deduction rather than itemizing, you won't get any benefit from your donation ... well, no tax benefit, anyway.) ...