Fri December 13, 2013
Year End Giving and Tax Information
Q. If I make a donation now can I get a tax benefit for 2013?
A. All credit cards must be charged by December 31 to receive tax benefits for 2013. Please submit your donation online on or before December 31st to ensure your donation will count for 2013. All checks must be postmarked 2013.
Q. I want to send you a check but I’m afraid it won’t get there by the end of the year.
A. If the check is postmarked in the year 2013, then it can count on 2013 taxes. Credit cards must be charged by Dec. 31. If you want to ensure your credit card is charged in time, please submit your donation online at KUT.org.
Q. Can you send me a tax receipt?
A. Tax receipts will be sent the second week in January 2014. If we have your email on file we will also email a copy. If we do not have your email address on file we will mail it.
Q. What does this whole Fair Market Value mean?
A. The fair market value is the price of a gift had it been sold instead of given. You can get your tax deductible amount by decreasing the Fair Market Value of a gift from the actual amount you donated. Let’s say you gave $60 – and received a mug. The mug’s fair market value is $4. The total deductible amount of the gift is $56. When we mail your tax receipt, we will include the fair market value of any thank you gifts you requested and subtract it from your donation leaving you with your total tax-deductible contribution for 2013.