December is often a good time to reflect on our charitable giving. Not only should we review past donations during the year but consider what charitable causes we still may want to support during the holiday period and before year-end to be eligible for a 2014 income tax deduction. Keep in mind that a charge on a credit card will count if it is made before the end of the year. A check will count for 2014 as long as you mail it in 2014.
Unfortunately the IRS does not always make it easy to claim charitable donations as there are rules on records that must be kept, deduction limitations, and non-cash contributions over $500 have an additional disclosure (Form 8283) to complete as part of your Form 1040 filing. You should also confirm that the organization qualifies under IRS rules to be eligible for the tax deduction.
To help you navigate the various rules and restrictions to your charitable giving, see the attached Charitable Contributions Guide and Charitable Cash Donation Tracker. Contact our office for charitable planning assistance.