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No tax relief for political supporters

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. The political campaigns are heated up for 2008. Can I get a deduction if I make a contribution this year? A.P., Norwich, Conn.

A. No. It seems that we are asked this question, or a variation of it, every time politics plays in the news. The IRS doesn’t allow a tax deduction for individuals who contribute support to a political candidate, regardless of what year you make a contribution.

Tip: You can’t deduct a political contribution as a charitable donation either.

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