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Cash vs credit for year-end deductions

Posted by Jill Boynton  December 24, 2009 10:14 AM

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If you are writing a check for a last-minute tax-deductible item, make sure you mail the check before December 31st.  You can claim a deduction as long as you write the check in 2009, even if it is not cashed until 2010.

 On the other hand, charges that you make with a store retail credit care are only deductible if the bill is paid in 2009.  However charges on a bank credit card are deductible in the tax year that the goods are charged.

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