Kirkland Thomas Watson & Dyches, LLC

Charitable contributions of appreciated assets

□  Charitable contributions of appreciated assets –Consider fulfilling your charitable goals by contributing appreciated securities instead of cash. If you have held the security for more than one year, you can deduct the fair market value of long-term capital gain property contributed to charity. You avoid taxes on the gain and can deduct the full fair market value.For more tax planning tips log on to www.ktwd.biz READ MORE Posted November 24, 2009 at 12:01 PM

Credit cards can accelerate tax deductions

□  Credit card payments –Paying tax-deductible expenditures, including charitable contributions, with a credit card secures the deduction, even if you do not actually pay the credit card company until the following year. A pledge – or promise – to make the contribution is not good enough. You actually have to make the payment or charge it to your credit card. You will need adequate records to support your tax deductions. Receipts, canceled checks or bank records may be suf... READ MORE Posted November 24, 2009 at 06:02 AM