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Charitable Tax Tips From the IRS for 2012

Charitable Tax Tips From the IRS for 2012This is a popular time of the year to make a donation to your favorite charity and the IRS has some 2012 tax tips for your charitable donations:

“As 2012 comes to a close, individuals and businesses need to remember some key tax provisions for making contributions to charity. The IRS offers these reminders for year-end giving:

    -To deduct monetary donations you must have a bank record or written document from the charity stating the name of the charity, the contribution amount and the date.
    -Contributions are deductible in the year made, even if the credit card bill isn’t paid or the check isn’t cashed until 2013.
    -Only donations made to qualified organizations are tax deductible. Make sure the organization you want to donate to is qualified before making any contribution.
    -Individuals must itemize their deductions on Form 1040 Schedule A or use a short form (Form 1040A and 1040EZ) to claim the standard deduction.

Find more year-end giving tips from the IRS HERE.

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