I have about $275.00 in tax receipts for charitable donations. Should I claim all of them for my 2008 return, or should I save some for my 2009 return? The reason I ask is I am going to be in school for the majority of 2009 and my income will be very low.
What should I do?Can I get your advice about my tax return?
Between the two years, I would claim them in 2008 since you won't have much income next year... BUT... you can actually carry them forward for up to five years. You don't HAVE to use the credit this year. Sooo.... you may be able to use them once you graduate and are making the big bucks. If that's not going to happen within the next five years then, by all means, claim them now.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/鈥?/a>Can I get your advice about my tax return?
You claim them in the year they are donated. In any event, they are more useful this year (very slightly), because any amount over $200 gets a larger credit.
You definatley need to claim them in 2008. Believe me the IRS will notice and be on top of you!!!! IRS is no joke......
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