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Charitable Giving Before Year End

Donations to charity can provide taxpayers with very valuable tax benefits in the form of charitable deductions on their tax returns.  Charitable deductions may lower the taxable income that is reported on a taxpayer’s return, thus lowering the taxpayer’s overall tax liability for the year.

For 2014, it is not too late to donate to charity and be eligible for charitable deductions on your 2014 tax return.  Donations of money or other property (stock, clothing, cars, etc.) made to a qualified charitable organization by December 31, 2014 may be claimed on a taxpayer’s 2014 tax return, even if the charitable organization does not cash the check until after the first of year.

The IRS recently released a list of tips for charitable giving (Tips from IRS for Year-End Gifts to Charity) reminding individuals and businesses who plan on making year-end gifts to charity of the laws that govern whether gifts to charity are deductible.  These laws apply to taxpayers who plan on taking a charitable deduction on their tax return.  Thus, if you donate to charity and do not take a charitable deduction on your return, you are not required to meet the IRS’s requirements.

If you have questions on how charitable giving will affect your tax obligation this year, contact the Colorado Tax Lawyers at Politte Law. It’s important to plan properly for the new year!


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