December is a time when Catholics most think of making donations to a charity, but it can have a major impact on the 2012 tax return that you file in 2013.
The Internal Revenue Service offers these tips:
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 www.irs.gov and use the “exempt organizations select check tool” (www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check) 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 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.
| Charity ideas in the Diocese of Little Rock Click here |
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 canceled 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.
Charity ideas in the Diocese of Little Rock
In addition to your local Catholic parish, school or agencies, there are statewide programs that rely on donations to support major initiatives in the diocese.
Catholic Arkansas Sharing Appeal supports various diocesan, parish and school projects throughout the state. Send donations to Diocese of Little Rock, P.O. Box 7630, Little Rock, AR 72217-9915
The House of Formation opened this year on the Our Lady of Good Counsel Church grounds in Little Rock to house 10 seminarians and discerners. Send donations to House of Formation, P.O. Box 7565, Little Rock, AR 72217.
Catholic Charities operates various programs for the poor and marginalized. Send donations to Catholic Charities of Arkansas, 2500 N. Tyler St., Little Rock, AR 72207.
The Guardian Angels campaign was started in 2010 to assist Arkansas Catholic in creating a digital archive of its first 91 years of bound volumes. Send donations to Arkansas Catholic, P.O. Box 741, Little Rock, AR 72217.
