IRS issues last-minute tax reminders - East Valley Tribune: Business

IRS issues last-minute tax reminders

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Posted: Friday, December 9, 2011 5:33 pm | Updated: 10:49 am, Sat Dec 10, 2011.

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.

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