As Dec. 31 draws near, we are thinking of the holidays more than tax deductions. But, donations must be made by the end of the tax year for which you want to claim the deduction.
United Way of NWA is a tax-exempt, non-profit 501(c)(3) organization. Contributions made to us are deductible, but if you receive any benefit in return (membership drive special event purchases for example), “you can deduct only the amount of your contribution that is more than the value of the benefit you receive.” Donate $100 and receive an item worth $25? You can deduct $75, not $100. Only contributions made in 2012 count for your 2012 taxes. The IRS states that a check is considered “delivered on the date you mail it.” A check dated in January 2013, but mailed in December counts for 2012. A check dated December 31, 2012 but mailed on January 2, 2013 doesn’t. Timing is especially important if you mail in a credit card number for us to process. If we were unable to process it until after January 1, you cannot count the donation as a deduction for your 2012 taxes. If you donate stock, remember to allow enough time for it to be processed before the year end.
Kathy Frick, Director of Finance