The Internal Revenue Service (IRS) reminds taxpayers they have slightly more than three weeks left to make their year end tax moves for the 2011 tax year.
Here are a few tips:
• Charitable contributions must be made no later than Dec. 31. Cash donations need proper written proof. Donations charged to a credit card by Dec. 31 are deductible for 2011 even though the bill is paid in 2012.
• The maximum Individual Retirement Account (IRA) contribution for the 2011 tax year is $5,000 ($6,000 if age 50 or older). The Retirement Savings Contribution Credit or "Saver's Credit" of up to $2,000 is also available to taxpayers who contribute to a plan and whose income is generally less than $55,500.
• Taxpayers at least 70½ years old can make a tax-free transfer of up to $100,000 directly from an IRA to a tax-exempt charity by Dec. 31 without any tax consequence(s).
• Taxpayers who make energy-related improvements to their homes in 2011, such as replacement windows or doors, insulation or energy-efficient heating or cooling equipment, may be eligible for Energy Tax Credits. The maximum credit available is $500.
To access IRS forms, publications or any of the above information, go to IRS.gov.