The Transylvania Times -

Another 2012 Tax Tip

 


In Jason Alderman’s article of Dec. 17 entitled “Last-Minute Ways to Trim Your Taxes for 2012,” he left out one important point in his discussion of charitable contributions. While it is true that leveraging such contributions for federal tax reductions require that you itemize deductions on your return, you can still receive the benefit of reduced taxes on your N.C. state return even if you do not or cannot itemize on your federal return. North Carolina allows you to take credit for all charitable contributions, both cash (tithing, etc.) and non-cash, directly on your state return regardless of whether you can use them on your federal return.

As a tax volunteer for the free AARP TaxAide program (come see us this spring), I see all too many times where people who owe no federal tax, or even have a federal tax refund coming to them, still owe taxes on their North Carolina returns. Charitable contributions can often make a little dent in that.

So don’t hesitate to help those charities just because you do not itemize deductions.

Rich Smith

Brevard

 
 

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