IRS offers tax tips for "The Season of Giving"
December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year.
Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning:
Contribute to Qualified Charities
If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Exempt Organizations Select Check tool to check if your favorite charity is a qualified charity.
Donations charged to a credit card by Dec. 31 are deductible for 2012, even if you pay the bill in 2013. A gift by check also counts for 2012 as long as you mail it in December. Gifts given to individuals, whether to friends, family or strangers, are not deductible.
What You Can Deduct
You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified charity. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
Keep Records of All Donations
You need to keep a record of any donations you deduct, regardless of the amount. You must have a written record of all cash contributions to claim a deduction. This may include a cancelled check, bank or credit card statement or payroll deduction record.
You can also ask the charity for a written statement that shows the charity’s name, contribution date and amount.
Gather Records in a Safe Place
As long as you’re gathering those records for your charitable contributions, it’s a good time to start rounding up documents you will need to file your tax return in 2013. This includes receipts, canceled checks and other documents that support income or deductions you will claim on your tax return.
Be sure to store them in a safe place so you can easily access them later when you file your tax return.
Plan Ahead for Major Purchases
If you are making major purchases during the holiday season, don’t base them solely on the expectation of receiving your tax refund before the bills arrive. Many factors can impact the timing of a tax refund.
The IRS issues most refunds in less than 21 days after receiving a tax return. However, if your tax return requires additional review, it may take longer to receive your refund.
For more information about contributions, check out Publication 526, Charitable Contributions. The booklet is available on IRS.gov or order by mail at 800-TAX-FORM (800-829-3676).
To automatically receive IRS tax tips, visit IRS.gov, click on "News" and select "e-News Subscriptions."
Stories Posted This Week
Tuesday, May 13, 2025
- Ticket information for Pirate tennis, May 14 sectionals
- Pirate tennis dominates Defiance
- Historical society meets May 14 at Sportsmen's Club/LE&W Depot
- Red horse chestnut wows on Anna Circle
- Redemptorists to withdraw from region, Father John Collins to visit St. Mary
- Meet high school basketball legend Bud Beemer
Monday, May 12, 2025
- BPL's Summer Read kicks off with 2 giveaways
- Upcoming BPL events, May 12-17
- BHS girls softball sectional ticket information for May 14
- Faculty promotions, new strategic plans at Bluffton University
- Jane M. Shaw was a nurse
- Pirate baseball seeded 5th
- Letter: Join the Congressional discussion on healthcare
- Facilitators needed for victim offender dialogues
Sunday, May 11, 2025
- Pirate baseballs shuts out Arcadia in twin bill
- Bluffton boys, girls track and field sweep Ada Invite titles
- Bluffton strings section holds court
- Pirate tennis wins at Oak Harbor
- Bluffton Community Garden has a few plots left
- Four BHS students to attend Buckeye Boys and Buckeye Girls citizenship programs
Saturday, May 10, 2025
Friday, May 9, 2025
- Bluffton mail carriers to collect food donations on May 10
- Bluffton softball pounds Columbus Grove
- Pirate baseball loss to Columbus Grove
- On your marks... Bluffton Sardines registration is open
- Pirate tennis sweeps Lima Senior
- Night at the Museum draws a full house at Bluffton Middle School
- Bluffton Beavers sports roundup, April 30-May 6