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Extending Time for Charitable Donations

Have you ever experienced the anxiety of making all of your charitable donations before December 31? The Charitable Giving Extension Act, introduced by House Ways and Means Committee member Mike Kelly (R-Pa), would allow you to focus on present giving during December.

The Act would allow individuals to treat charitable donations made until April 15 of the following year as being made during the prior tax year. In other words, if you don’t get around to supporting your favorite charity until the spring, you can still count the deduction for your prior year’s tax return.

The bill was assigned to a congressional committee last month, which will consider it before possibly sending it on to Congress.

Right now the Federal government has other things to worry about, but we will keep you posted on the progress of the bill. In the meantime, let us know what you think about it in the comments below.