Tax Deductible Donations: Hot Trends
NEW YORK (
) -- "Tax deductible donations" is a hot search topic today as the IRS rewards taxpayers who donate to charity with tax advantages and deductions.
Taxpayers can deduct donations only if they give them to a qualified tax exempt organization. The IRS Publication 78, a list of the organizations that are eligible to receive tax deductible contributions, can be
found at the IRS Web site
.
The IRS cannot deduct the value of time or services. While clothing and household items are acceptable, all donations must be in good condition to be deductible.
"Stock prices" is a trending search topic this morning as stock futures point to a higher open on optimism about the $850 billion U.S. tax deal that was signed into law on Friday, offsetting concerns about escalating tensions in Korea and the debt crisis in Europe.
>>Stock Futures Rise on Tax Deal Optimism
Dow Jones Industrial Average
futures were higher by 39 points at 11,491. Futures for the
S&P 500
were rising 6 points at 1,244, and
Nasdaq
futures were up 11 points at 2,218.
Trading is expected to be quiet this week heading into the holidays. Investors will wait on the final third-quarter GDP estimate later this week, expecting a higher revision following recent pickup in economic activity.
The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.
-- Written by Theresa McCabe in Boston.
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