CHARITABLE GIVING-YEAR END STRATEGIES

Below are some helpful tips to reduce your taxes while helping a well-deserved charitable organization.   Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of the year count for that year. This is true even if the credit card bill isn’t paid until the next calendar year. Also, checks count for this year as long as they are mailed this year and clear, shortly thereafter.   Check that the organization is qualified. Only donations to qualified organizations are tax-deductible. IRS Publication 78 lists most organizations that are qualified to receive deductible contributions. In addition, churches, synagogues, temples, mosques and government agencies… Read More

Continue Reading