While the spirit of giving seems to grow during the holiday season, the IRS reminds taxpayers to keep some important points in mind when making donations with the expectation of deducting them on a federal tax return.
Taxpayers can deduct donations only if they make them to a qualified tax exempt organization.
"The IRS website allows taxpayers to search for many charitable organizations online with Publication 78," said IRS spokesperson Luis D. Garcia. “Qualified organizations can include non profit groups that range from religious to scientific, charitable to educational, or that work to prevent cruelty to children or animals. Generally, organizations will be able to tell you whether they are federally tax exempt and eligible to accept tax-deductible donations."

Q: I want my son to get an inheritance after I die, but I don’t want him to get it all at once. I’m afraid he would waste it instead of using it for necessities. How can I make sure he only gets a little bit at a time?

A: You need to create a trust and leave the inheritance to someone else who can hold the money for your son and give it to him in small amounts.

Halloween on Wall Street started much too early this year, and it was all trick and no treat. It has been really scary. Scary, like when we review reports on retirement accounts and other mutual fund holdings, and scary to even turn on the news to hear the newest, breathless threat to our economy here and globally. We have, as you know, been in much, much better shape than many other parts of the country.

With the New Year brings new challenges and new opportunities. I will continue to work on a bipartisan basis to ensure the priorities of seniors are enacted into law. Just before adjourning, the U.S. House of Representatives passed two bills I authored to improve the lives of seniors.

Austin, Texas – September 9, 2009 In Taipei today, Texas School for the Deaf (TSD) graduate and star athlete Delvin Furlough, took first place in the Men’s 400 meter track and field event. Furlough’s time of 48.16 earned him his first gold medal at the 2009 Deaflympics. Furlough competes in the 100 meter and the 400 meter relays on September 12.