December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning:
- Contribute to Qualified Charities. If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Exempt Organizations Select Check tool to check if your favorite charity is a qualified charity. Donations charged to a credit card by Dec. 31 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. Gifts given to individuals, whether to friends, family or strangers, are not deductible.
- What You Can Deduct. You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified charity. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
- Keep Records of All Donations. You need to keep a record of any donations you deduct, regardless of the amount. You must have a written record of all cash contributions to claim a deduction. This may include a cancelled check, bank or credit card statement or payroll deduction record. You can also ask the charity for a written statement that shows the charity’s name, contribution date and amount.
- Gather Records in a Safe Place. As long as you’re gathering those records for your charitable contributions, it’s a good time to start rounding up documents you will need to file your tax return in 2013. This includes receipts, canceled checks and other documents that support income or deductions you will claim on your tax return. Be sure to store them in a safe place so you can easily access them later when you file your tax return.
- Plan Ahead for Major Purchases. If you are making major purchases during the holiday season, don’t base them solely on the expectation of receiving your tax refund before the bills arrive. Many factors can impact the timing of a tax refund. The IRS issues most refunds in less than 21 days after receiving a tax return. However, if your tax return requires additional review, it may take longer to receive your refund.
For more information about contributions, check out Publication 526, Charitable Contributions. The booklet is available on IRS.gov or order by mail at 800-TAX-FORM (800-829-3676).
Follow me on Twitter: @DianneIRS
I don't care what Jim wrote, since I was commenting on what YOU wrote. If you want me and others to interpret your words differently, then you need to learn to write much more clearly. Furthermore, I am not a "liberal", nor am I a "conservative". And as to Sean Penn, I have no idea what he likes or dislikes. To me he's merely an OK actor, and I don't take my political cues from him, and trust that no "liberals" or "conservatives" do either.
You are as obsessed as were many left wingers over Bush's reelection. Bush won and Kerry lost; so, my message to left wingers was "get over it". Obama won and Romney lost, so right wingers - and parksloper - get over it.
They have no concept of the truth, and for them any lie about Obama is good because it reinforces their deep bias and unwillingness to get this country back to a center position. For the radical left, Obama is too soft on their issues. For the radical right, Obama is too hard on their issues. So each side trashes him to a certain extent, but the right wingnuts go way over the top and even make up stories about Obama (that some of them might actually believe, because they haven't read independent journalism in the last decade). But, it's nice to see somebody thinking they can make a difference with that crowd; just don 't be disappointed when they respond with their usual trash talk and lies. Good luck with your optimism.
Even Republicans agree.
"For example, we’ve heard a great deal about President Obama’s demand that taxes go up for individuals earning $200,000 per year or families making more than $250,000. But under Obamacare, those families will already be hit with a 0.9 percent hike in the Medicare payroll tax on earnings over these thresholds starting January 1." The full article here: http://www.nationalreview.com/articles/335398/regardless-you-ll-pay-more-michael-tanner#
...
So he was thrown out of a country that WE INVADED for sole purpose of bringing down a dictator who has been dead for years? how exactly did we lose Afghanistan when we killed the very man we invaded it for? I didn't realize we owned Egypt and Turkey either After what Bush did, how do you say Obama "illegally invaded" anything. How do you "illegally invade" a country anyway? also, Bush bailed out plenty of auto companies, but I bet you don't have a problem with that either? Do you have a problem with companies like Citi Bank using Bush-Bailout money to pay for naming rights to sports stadiums?
Really? You just bashed Obama for "losing" Iraq and Afghanistan, 2 countries we invaded UNDER THE SAME CONDITIONS as you just described
For Christ sake, what I wrote was in response to what JIM wrote so your comment to me made no sense, like the rest of your rantings. Learn to comprehend what your read.
Take your own advice.
Democrat Quotes on Iraq Weapons of Mass Destruction: "One way or the other, we are determined to deny Iraq the capacity to develop weapons of mass destruction and the missiles to deliver them. That is our bottom line." --President Bill Clinton, Feb. 4, 1998 "If Saddam rejects peace and we have to use force, our purpose is clear. We want to seriously diminish the threat posed by Iraq's weapons of mass destruction program." --President Bill Clinton, Feb. 17, 1998 "Iraq is a long way from [here], but what happens there matters a great deal here. For the risks that the leaders of a rogue state will use nuclear, chemical or biological weapons against us or our allies is the greatest security threat we face." --Madeline Albright, Feb 18, 1998 "He will use those weapons of mass destruction again, as he has ten times since 1983." --Sandy Berger, "[W]e urge you, after consulting with Congress, and consistent with the U.S. Constitution and laws, to take necessary actions (including, if appropriate, air and missile strikes on suspect Iraqi sites) to respond effectively to the threat posed by Iraq's refusal to end its weapons of mass destruction programs." -- Democratic Senators Carl Levin, Tom Daschle, John Kerry, and others, Oct. 9, 1998 http://www.davidstuff.com/political/wmdquotes.htm
A) Was Based on something that turned out to be false to the best of our knowledge B) was Considered illegal by many members of the UN, including the Secretary General because they believed it breached international law "During the lead-up to war in March 2003, United Nations weapons inspector Hans Blix had found no stockpiles of WMD and had made significant progress toward resolving open issues of disarmament" "U.S.-led inspections agreed that Iraq had earlier abandoned its WMD programs" http://en.wikipedia.org/wiki/Iraq_and_weapons_of_mass_destruction
Businesses DO NOT file individual or married filing joint tax return (1040). They file a completely different type of return with rates different than an individual. The only way there are taxed as an individual is if they have their business set up as a sole proprietership - and they deserve to be taxed heavily if they are that stupid (or rely on accountants that are that stupid) to let them organize their business as such.
“In August 2004, for instance, American forces surreptitiously purchased what they believed to be containers of liquid sulfur mustard, a toxic “blister agent” used as a chemical weapon since World War I. The troops tested the liquid, and “reported two positive results for blister.” The chemical was then “triple-sealed and transported to a secure site” outside their base… In the summer of 2008, according to one WikiLeaked report, American troops found at least 10 rounds that tested positive for chemical agents. “These rounds were most likely left over from the [Saddam]-era regime.” Even late in the war, WMDs were still being unearthed. In the summer of 2008, according to one WikiLeaked report, American troops found at least 10 rounds that tested positive for chemical agents. “These rounds were most likely left over from the [Saddam]-era regime. Based on location, these rounds may be an AQI [Al Qaeda in Iraq] cache. However, the rounds were all total disrepair and did not appear to have been moved for a long time.” Deadly Nerve Agent Sarin Is Found in Roadside Bomb http://www.washingtonpost.com/wp-dyn/articles/A33082-2004May17.html
A REPORT declassified by the United Nations yesterday contained a hidden bombshell with the revelation that inspectors have recently discovered an undeclared Iraqi drone with a wingspan of 7.45m, suggesting an illegal range that could threaten Iraq’s neighbours with chemical and biological weapons. US officials were outraged that Hans Blix, the chief UN weapons inspector, did not inform the Security Council about the drone http://www.thetimes.co.uk/tto/news/world/article1970568.ece Who will you quote next John, Baghdad Bob?
"But weapons experts cautioned that the shell appeared to predate the 1991 Persian Gulf War and did not necessarily mean that Hussein possessed hidden stockpiles of chemical munitions." Aside from the fact I can't find ANY news source that ISN'T owned by Rupert Murdoch (thetimes.co.uk is) to verify that chemical drone, NO CHEMICAL WEAPONS were found on it.
"But weapons experts cautioned that the shell appeared to predate the 1991 Persian Gulf War and did not necessarily mean that Hussein possessed hidden stockpiles of chemical munitions." Aside from the fact I can't find ANY news source that ISN'T owned by Rupert Murdoch (thetimes.co.uk is) to verify that chemical drone, NO CHEMICAL WEAPONS were found on it.