At the end of the year, many people choose to give to their favorite charities. However, there are several things to keep in mind when you’re gifting.
The IRS offers these tips covering everything from charity donations to refund planning.
Make sure the charity you want to support is one that qualifies for a deduction on your taxes.
Be sure to keep records of your donations. The IRS suggests you ask the charity for a written statement that shows the charity’s name, contribution date and amount.
Donations charged to a credit card by Dec. 31 are deductible for 2012, even if you pay the bill in 2013.
Before you close out the year, take a moment to gather the documents you’ll need to file your taxes in 2013. Among those documents will be receipts, canceled checks and other records that show your the income or deductions you’ll claim next year.
For more information on deductions, visit the IRS FAQ page.
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