Tips on charitable donations and income tax deductions

As 2007 comes to a close, we ask that you remember ReUse Industries if you are planning on making year-end charitable contributions. Whether a donation of a reusable appliance or a cash gift, all donations to ReUse Industries are tax-deductible. Everyone wins!

Also, in that vein, we at ReUse Industries would like to thank all of our generous donors in 2007. Your donations make our mission at ReUse a reality, and our gratitude is without bounds. Thank you!

(Following article from MSN.com)

If you contribute to your church, your college, the local dog pound, United Way or organizations contributing to disaster relief, make these donations by Dec. 31. And make sure that before you file your tax return, you have a receipt from the organizations that benefited from your generosity.

If you don't have the cash, find out if the organization can process a donation via credit card. As long as the donation is made by Dec. 31, it's valid as a 2007 deduction.

Separately, any contributions of clothes or household goods must be in good condition or better to qualify for a deduction. If a single item has a value of $500 or more, you will need an appraisal. The Internal Revenue Service can deny deductions for items of minimal value.

Complicating any deductions will be new requirements on record keeping. This is important.

To deduct a cash donation, regardless of the amount, you must have a bank record or a written communication from the charity showing its name and the date and amount of the contribution. Acceptable bank records would include canceled checks or bank or credit union statements containing the name of the charity, the date and the amount of the contribution.

Also, from MSN Money, check out "Give and grow rich with charitable deductions".