Timing of year-end contributions:
Contributions made by check are deductible in 2015 if the check is mailed by year-end. If payment is made by bank credit card, it is deductible in 2015 if the charge is made by year-end. It doesn’t matter when the credit card payment is made. If the donation is made with a retail store credit card, the deduction cannot be taken until the card is paid, even though it was charged in 2015.
Donations of securities and other property:
This is an excellent way to make a contribution without paying cash. Taxpayers can deduct the fair value of the securities on the date of the gift. Donating appreciated securities is a good move because if you sold the securities Read more