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Practical Money Matters Radio Series

November 26, 2012
Deduct Your Charitable Contributions


Discover how and why you can use charitable contributions to lower your tax bill.

Transcript

If you itemize deductions on your taxes and want to include your charitable contributions, remember this important deadline–December 31st. You must either charge your credit or debit card or postmark a check by midnight on the last day of the year in order for them to count. To qualify, your donation must be made to an IRS-approved nonprofit organization. Make sure you get a receipt for any donations, no matter how small. A cancelled check or credit card statement is good enough for contributions under $250, but for amounts over that, you'll need a written statement from the charity. If you donate property, it must be in good condition and you'll need to get an itemized receipt.

Bottom line: Giving back feels good, but getting a tax deduction feels even better.


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