Elizabeth Rassi Deduces that Deductions are Fascinating

Elizabeth Rassi is a Verrazano graduate from the Class of 2018. She majored in Accounting with minors in Business Finance and Business Management

Helping prepare gifts as part of a charity

Being a part of the Verrazano honors program encouraged me to get departmental honors in addition to completing the capstone project. During my junior year, I remember freaking out about how I was ever going to figure out a topic or even complete this project. Taking the Verrazano Capstone class was what calmed my nerves and allowed me to narrow down my research topic. As an accounting major, I did not expect to find research that could actually intrigue me because I'd never thought about research in accounting, only the practice of accounting. After much trial and error, the title of my project became “The Effects of Changes to the Charitable Contribution Tax Deduction.” At the start, I knew I wanted my research to be on taxation because that is where my interest lies. However, I had no idea there would be so much discussion about the charitable contribution deduction specifically. I found myself eager to continue researching all the proposals that looked to change the deduction and understand how these changes would impact both individuals and the charities themselves. During the ending stage of my research, I was offered a position at a local accounting firm where I got to prepare tax returns for individuals. This helped with my research because I was gaining hands-on experience and noticed how many individuals donated to charities compared to how many were actually able to claim the deduction for their donations. Not only was I preparing tax returns, the couple I worked for also ran a few charities which I was able to learn about. I helped them prepare gift boxes to raise money and send out newsletters to keep donors updated on the success of the charity.

Elizabeth investigated taxation in charitable giving

This project turned out to be a great experience and thankfully it was not as scary as I expected. I was able to expand my knowledge and become aware of the importance of keeping up with changes in the tax code. Having a faculty mentor who was also interested in taxation was essential for the successful completion of my project. I am grateful that I was given this opportunity because without being a part of the Verrazano Honors Program I would have never done something like this. I was taken out of my comfort zone but, I am proud of the work I was able to accomplish with the help of many others. Additionally, this research helped confirm that I want my career to focus on taxation once I graduate. I look forward to doing more research to see what happens with the deduction in the future.