As December 31st rapidly approaches, the time to get a 2012 tax deduction for charitable donations is expiring. Because of the many looming tax changes that will take effect January 1st unless Congress reaches an agreement, this is a good time to think about any wedding-related donations you'll be making, such as making a donation in lieu of wedding favors. With anticipated higher taxes, some families are waiting to make these donations until next year so that their 2013 tax bill will be reduced. However others, especially higher-income families who itemize their deductions, might want to make these donations before 12/31. That's because the deduction for itemized charitable contributions for these families is currently scheduled to phase-out on January 1st.
Hopefully Congress will reach an agreement and avoid a fiscal cliff, but it's better to be charitable than sorry!
Read more: Tax Provisions Expiring at the End of 2012