Make Your Charitable Contributions Count
If you are planning to make some charitable contributions during this holiday season, please keep the following in mind if you plan to deduct your donation. If you mail a check or charge a donation by December 31, 2014, you can deduct your contribution on this year’s return. Cash donations count as well. Please be sure to keep a record of your donation, including receipts, statements or copies of cancelled checks. Another tip to note, confirm that the IRS considers your charity to be a qualified tax-exempt organization. If it is not, your donation will not be deductible. Some groups choose names that sound very much like well-known charities, so be sure to double check before you donate to ensure your money is going to the right place.
If you have any questions about the best ways to make the most of your charitable giving and about the tax rules for charitable contributions, please contact our office today for advice on all your financial concerns.