The holiday season hits Americans just as the tax year is coming to an end. While most people are distracted with buying gifts for their friends and families, they could be enjoying tax deductions by making smart year-end gifts:
Just as one asks for a gift receipt so the recipient can exchange the gift if they desire, ask for and retain all receipts for charitable gifts and donations that you make. Keep a separate file of hard copy receipts that shows proof of your charitable contributions made in 2012. If you donate a vehicle valued at over $500, the receiving organization must supply a Form 1098-C. In order to deduct cash donations given to qualified charities, you must retain a bank record of the donation that reflects the date, name of the charity, and the amount. Examples of valid bank records:
Remember, there are additional forms you will need to complete depending on the total values of the donations you make. You will need to speak with your tax advisor if you:
Herman-Giddens, JD, LLM, TEP, CFP, Attorney at Law (NC, FL, TN),
Board Certified Specialist in Estate Planning and Probate Law (NC). North
Carolina Registered Guardian, Solicitor, England and Wales. Follow
his blog, North Carolina Estate
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