IRS Offers Tax Tips for "The Season of Giving"

December 2012
Hudson Valley Business Journal;12/12/2012, Vol. 1 Issue 15, p16
The article offers tips from the U.S. Internal Revenue Service (IRS) for managing the tax refunds from charity donations. It says that the donation must go to a qualified charity by December 31, 2012 if planning to take an itemized charitable deduction on the 2012 tax return. It adds that the cash contributions and the fair market value of most property being donated can be deducted to a qualified charity. Moreover, a written record of all cash contributions is important to claim a deduction.


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