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Charitable deductions

Christmas is a time for giving. Charitable contributions are also tax deductible. If you are in the practice of giving back, you should note the following, as it has favorable tax implications.

The IRS allows you to take a the following percentages of your Adjusted Gross Income (AGI) each year.

  1. Cash up to 50% of your AGI
  2. Used Property up to 30% of your AGI
  3. Capital Gains up to 20% of your AGI

It is important that your donations are well documented. Where you donate is also as important. The charity must be a valid 501 (3)(c) operation such as the United Way or Red Cross. If your total donated property exceeds $500, you will need to complete Form 8283.

If your donations exceed the percentages above, the IRS allows you to carry over for up to 5 years. Since December is upon us, the time to take action is now. Contributing to those in need is rewarding for many reasons if for no other reason than it will make you feel good.

For more information, please visit:

Tax Deduction for Charity Donations http://taxes.about.com/od/deductionscredits/a/CharityDonation.htm or

IRS Charitable Deductions http://www.irs.gov/taxtopics/tc506.html

Happy Giving,

Mark Schuster, Partner

November 29, 2013

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