The clock is ticking toward 2007 and a precious few days remain to take advantage of 2006 tax deductions. Michael Devine with the Internal Revenue Service in St. Louis reminds Misourians that all charitable contributions to be deducted on those 2006 income tax returns must be made by the end of the day on Sunday, which is the last day of the calendar year. He adds there are some new rules regarding clothing and household items donated to charity after August 17th of this year – a receipt is necessary. Devine points out a taxpayer may claim a dedution of more than $500 for any single item, regardless of its condition, but that claim must include a qualified appraisal of the item with the income tax return. For anyone contributing to an Individual Retirement Account – the deadline to make that contribution for 2006 is not until April 16th of 2007. Complete information on contributions, charitable and otherwise, can be found on the IRS website at www.irs.gov.
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Internal Revenue Service