Only 2 Days Left For 2011 Tax Deductions

• Posted on December 29, 2011
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We would like to remind you that the last day you may make a tax deductible purchase, pay a tax deductible expense or make a tax deductible charitable contribution for 2011 is Saturday Dec. 31.

That is only 2 days away. But you still have time to make charitable contributions, pay deductible taxes, and make business acquisitions before year-end. If you are making last minute business purchases of equipment, that equipment has to also be placed into service before year’s end. So don’t expect a deduction on your 2011 return if you take delivery after the end of the year, even if you paid for it in 2011.

A charitable contribution to a qualified organization is considered made at the time of its unconditional delivery, which for donations made by check is the date you mail it. If you use a pay-by-phone account, the date the financial institution pays the amount is considered the date you made the contribution.

If you are short of cash, keep in mind that purchases or contributions charged to your credit card are deemed purchased when the charge is made.

Wishing you a happy New Year and looking forward to assisting you with your tax preparation needs during the coming tax season.