Important Changes to the Tax Code

Feb. 23, 2006 — -- It's that time of year again. Yes, time to start thinking about filing your tax returns. But before you begin rummaging through your receipts, there are some important changes in the tax code you need to be aware of, and some of these changes may benefit you.

To take a deduction for charitable contributions, you must itemize your tax return. Also, you will need a receipt from a charity for any donation more than $250. Lastly, it's essential to make sure the organization to which you make a donation is considered tax-exempt by the IRS. You can ask the organization directly, or you can log on to irs.gov and click on the charities and nonprofits link to make sure your charity of choice is tax-exempt.