If you are planning to make any charitable deductions for this year, remember that your donation must go to a qualified charity by December 31st of this year! How do you know if a charity is “qualified?” Most charities are obvious, but if you’re unsure, ask for their tax-exempt status. Giving to charity is not only good for the community, it can have a major impact on your upcoming tax return in the form of deductions. Remember that you can charge a donation on a credit card by December 31st, and it will count as a deduction on your 2013 tax return, even if you don’t pay the bill until January of 2014. In the same vein, donations by check that are mailed by December 31st are also valid, even though they may not be cashed until next year.
Holiday Tax Tips – Tis the Season To Give Generously – to Qualified Charities!
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