The IRS published Year End Tips for Donors this week on their site.
- IRA owners age 70-1/2 or older can directly transfer tax free up to $100,000 per year to an eligible charity. This provision is scheduled to expire at the end of 2009.
- Clothing and household items donated to charity must be in good used condition or better.
- All donations of money regardless of amount must have a bank record (typically a canceled check) or written communication from the charity. Payroll deductions can be documented by maintaining the last pay stub for the year.
- Contributions need to be made by December 31 in order to take the deduction
- As of this posting, just 19 more donating days!
