If you wait until the end of the year to donate to charity there is a new income tax change that may affect you. According a new federal law that went into effect this year, all charitable donations done by credit card must appear on your credit card statement on or before December 31st in order to be considered tax deductible.
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“We went through our list of donors who traditionally give by credit card at the end of the year just stating...that you know, because this time of year credit card processing takes a little bit more time,” says Nancy Zawacki of the United Way of Greater Rochester.
If you still plan on donating to a charity, check with your credit card company to make sure the donation will appear on your December 31st credit card statement.