Page 4 THE VILLADOM TIMES II • December 25, 2013 Business ’Tis the season to make year-end contributions Along with the avalanche of cata- logues and holiday greetings from family and friends, mailboxes are now being inundated with donation requests from charitable organizations. This is the time of year nonprofit organizations ramp up their efforts to raise money before the end of the year. It is also a great time for taxpayers to donate to charity and receive a tax break in return. Regardless of whether you’re donat- ing to your favorite charity or giving to a new organization this year, follow these tips to ensure everyone benefits from the donation: Research first. Only donations to qualified charitable organizations are deductible. If you’re not sure whether an organization is qualified, ask to see its letter from the Internal Revenue Ser- vice. Many organizations post their let- ters on their websites. To search online, use IRS Exempt Organizations Select Check. Churches, synagogues, temples, and mosques are considered de facto charitable organizations and are eligible to receive deductible donations, even if they are not on the list. Guidestar and Charity Navigator also include informa- tion about a charitable organization’s tax exempt status. Get receipts. Cash deductions must be substantiated by a bank record (such as a canceled check or credit card receipt clearly annotated with the name of the charity) or in writing from the organiza- tion. The writing must include the date, the amount, and the organization that received the donation. It’s not neces- sary to submit the receipt as part of a tax return, but be prepared to show it in the event of an audit. Be an itemizer. To claim charitable deductions, they must be itemized on Schedule A of federal form 1040. Do the math. If something is given in exchange for a donation – no matter how big or small – the donation is deduct- ible only for the amount the donation exceeds the value of any goods or ser- vices received. Document. Be sure to keep good records of all donations. If non-cash items are donated, be able to substanti- ate the value of the donation. Know your limits. There are limits on the amount of charitable contribu- tions that can be deducted. The specific limitations can be fairly complicated, so consult a Certified Public Accountant if the donations are more than 20 percent of the adjusted gross income. Keep an eye on the calendar. Dona- tions must be made by the end of the tax year for which the deduction will be claimed. A check dated Dec. 31 that goes in the mail by that day is fine. The same goes for donations charged by year’s end to a credit card – even if the bill won’t be paid until next year. Keep paystubs. If money is taken directly out of a paycheck for charity, keep a paystub, W-2, or other document showing the total amount withheld, along with the pledge card showing the name of the charity. Donate appreciated property. Tax- payers can donate appreciated property instead of cash to a charity, which yields double the bang for the buck because an individual can deduct the property’s fair market value on the date he or she gives the gift and avoid paying capital gains tax on the appreciation. The deduction of appreciated property is generally limited to 30 percent of adjusted gross income. To find more information about vari- ous personal financial matters, visit the NJSCPA’s public service website at MoneyMattersNJ.com. Visitors to that website are also invited to subscribe to Your Money Matters, the NJSCPA’s free, monthly e-mail newsletter to receive valuable personal financial planning advice throughout the year. Construction begins at Bergen County Veterinary Care Dr. Jill Shiffman has announced the start of construction of her new veteri- nary facility at 120 Hopper Avenue in Waldwick. Initial work will began with the demo- lition of the existing structure. The new 3,500 square foot building will house surgical, radiological, and dental suites and a laboratory for blood work and animal wards for dogs, cats, and exotics. “A lot of time and research has gone into the design of this facility so that it will be one of the premier veterinary hos- pitals servicing the north Jersey area,” Dr. Shiffman said. “We want this build- ing to be warm and inviting to clients and non-threatening to their pets while offer- ing the most advanced animal care in the area.” Shiffman’s goal is to promote the health and happiness of pets by focusing on preventative care, while still offering advanced diagnostics and treatment for the times when they do get sick. “The most important thing for me is to have informed pet owners who can par- ticipate in decision making for their pets’ care,” the doctor said. “We focus on the whole pet: a physical examination and counseling about nutrition and behavior are imperative. Preventative care isn’t just about vaccines anymore.” During the construction period, Dr. Shiffman is available for appointments at the Maywood Veterinary Clinic, 125 Passaic Street in Maywood. Phone (201) 368-0607. Follow the progress of the Waldwick facility on her Facebook page: Jill Shiffman DVM.