1.  Cash donations to qualified charities must be post marked by December 31st to be deducted on your 2013 tax return. Contributions made by credit card must be processed by midnight on December 31st.

2.  Stock gifts must be transferred to a charity by December 31st to be deducted on your 2013 tax return. Check with your broker for their timeline on transfers.

3.   In order to receive an Alabama tax credit under the Alabama Accountability Act you must reserve your credit with the Alabama Department of Revenue and make a donation to a scholarship-granting organization by December 31st.

For any donation over $250  you must have a donation acknowledgement in your possession (prior to filing your tax return) which includes whether or not any goods or services were provided to you. 

4.    A deduction, up to $5,000 per taxpayer, is allowed as an adjustment to income on your Alabama income tax return for contributions made to an Alabama CollegeCounts 529 Fund. Contributions by mail must be postmarked by December 31. Online contributions can be made up until 11:59 PM central time on December 31st. Remember contributions over $14,000 per year per taxpayer will require an informational gift tax return to be filed.

5.    December 31st is also the deadline to apply for property tax exemption for Alabama residents over age 65 or disabled. The initial filing must be claimed in advance and in person at the Tax Assessor's Office. You must bring proof of age or disability and your most recent Federal and State income tax returns.

Please contact our office if you would like assistance with your year-end planning.