We would like to congratulate the winners of our holiday raffle

The Ramey's of Clay Springs

Barbara Olear of Show Low

Rick & Lucinda Lewis of Show Low

Margaret & John Frederickson of Springerville

Thank You to everyone who participated and keep a watch out for our newsletters for more chances to win some great prizes.

_________________________________________________

We have many of our members and non members who give generous donations throughout the year and even more importantly at the end of each year, here are some tips provided by the IRS

Not only are the holidays a time for giving it is also a reminder that the tax season is right around the corner. As the end of the year quickly approaches, the IRS reminds taxpayers that they may be able to use their gifts to tax-exempt charitable groups to reduce their taxes.

"We want people to be focused on helping these worthy groups rather than worrying about tax issues", said Bob Wenzel, Acting IRS Commissioner. "A few simple steps can help avoid tax headaches".

The tax benefit for charitable contributions is only available for taxpayers who itemize deductions - about one third of all filers.

In 1999, the last year for which complete data is available, about 35.5 million taxpayers made deductible charitable contributions totaling nearly $125.8 billion. Of these gifts, nearly $88.3 billion were cash donations.

Only contributions actually made during the tax year are deductible. For example, if you pledged $500.00 in september but paid the charity only $200 by December 31st, your 2007 deduction would be $200. You include credit card charges and payments by check in the year they are given to the charity, even though you may not pay the credit card bill or have the bank account debited until the next year.

Those itemizing deductions reduce their taxable income by the total contributed to qualified tax-exempt organizations, with some limits. The tax saving usually equals the deduction times the marginal tax rate - the top rate for the persons income level.

For example, an individual with a taxable income of $50,000 donates $2000 to a humane society. The tax savings from this generosity will be $540 - $2000 times the marginal tax rate of 27%.

THANK YOU

For your donations!