Tuesday, December 06, 2005

Scripps Howard News Service Year-end charitable gifts

Scripps Howard News Service: "Year-end charitable gifts

Scripps Howard News Service

During December, many worthwhile charities solicit gifts with the incentive that the gift will be a charitable deduction. Fortunately, many taxpayers also view the month of December as a good time to make gifts for charitable purposes, and also to insure that they will receive the benefit of a charitable dietician for their current year's income tax.

The Internal Revenue Service cooperates in these matters by making ample information available to taxpayers who wish to make charitable gifts, and also make sure that they have created a deductible item for their income taxes.

Contribution of money or property to qualified organizations are permitted if the taxpayer itemizes deductions. The general rule is that up to 50 percent of adjusted gross income may be deducted, but there are limitations on some gifts. Also, this year there is a liberalization of the amount to be deducted because of the special legislation relating to hurricane Katrina."

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