The end of the year is just days away. and while many of us don’t want to think about income taxes, it might be a good idea to spend a little bit of time between now and next Tuesday considering end-of-the-year tax savings. Bill Barksdale with the Internal Revenue Service in St. Louis says people planning on making charitable contributions should do so and get a receipt by the end of the calendar year in order for the donation to be used as a deduction for 2002. There are, of course, some 2002 deductions that can be put on the back burner for a while. IRA contributions, for instance, don’t have to be made until early in the new year. Barksdale points out the key is to be organized and to keep the calendar in mind.
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