Holiday Tax Tips – Tis the Season To Give Generously – to Qualified Charities!

If you are planning to make any charitable deductions for this year, remember that your donation must go to a qualified charity by December 31^st 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 31^st, 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 31^st are also valid, even though they may not be cashed until next year.