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Show Donate before Dec. 31 Taxpayers have until Dec. 31 to make charitable contributions to claim the deduction on their 1986 federal income tax returns. The IRS notes that those who do not itemize their deductions may, deduct up to one half of what they' actually gave to qualified charitable charit-able organizations such as chur ches, United Way, and non-profit schools and hospitals. However, if you contribute to a charitable organization and received re-ceived a benefit from it, such as magazines sold by a school or a charitable function dinner, you. may only deduct the amount that exceeds the value of the benefit. |