Last Minute 2007 Tax Hints
(1) Use your bank credit card to pay year end deductible expenses;
for transactions with a bank credit card, you take the deduction
in the year that the item was charged, even if you pay the bill next year.
(2) Remember the rules for substantiating charitable contributions
as you do your year-end giving.
Starting this year, donors are required to document ANY cash donations
they make to churches or other charities, no matter how small.
That means having a canceled check, a bank record or receipt with
the group's name and donation amount. A log isn't enough.
If you made your donations via payroll deduction, a pay stub or W-2 form
listing donated amounts anda pledge card with the charity's name are OK.
- About the Author
- Latest by this Author
Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.
Published: December 15, 2007
