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Deduction deadline coming up January 1st

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WASHINGTON D.C. (WKZO) -- The IRS is sharing a few tips for taxpayers making holiday donations to their favorite charities. IRS spokesman Bill Brunson says if done correctly, giving generously can have a major impact on the tax return you'll file in the New Year.

Brunson says it's important to ask the charity about its tax-exempt status if you plan to take an itemized charitable deduction on your 2012 tax return.

Donations charged to a credit card by December 31st 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.

More information is available online at IRS.gov.

 

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