Tag: tax

Tax Breaks for Charitable Giving

Charity fund-raising reached a peak during the holiday season.  Friends and family made donations in your name, and charities appealed for help at every corner and in every day’s mail. We wanted to give you some advice to understand the complex IRS rules.  With tax season in full swing, many charitable contributions are deductible and we want to make sure you know about them.

 

  1. Beat The Clock

Donations must be made before Dec. 31st.  If you mail a check make sure you mail it a few days early so the Postal Service has time to postmark the envelope.  A donation made by credit card is deductible in the year the charge is incurred even though you may not pay the bill until the following year.

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