Save Taxes with Last Minute Charity Donations
It’s not too late to get a tax deduction on this year’s taxes. You have until Janurary 31 to make any charitable donations which can be claimed as deductions on your tax return. Donations must be made to qualified charities in order to receive a tax deduction. Donations you made to a political candidate are not eligible for tax deductions. Clothing, cars, and other items donated to charity may be deducted. You may deduct the fair market value of these items. If you make a donation of $250 or more (in dollars or goods), be sure you get written acknowledgment from the charity or...
read moreLast Minute Tax-Savers
Trying to save those last minute dollars on your tax return? With the end of the year rapidly approaching, most of you probably think there is little left you can do . Well guess what? You’re wrong! Here are a few last minute tips to help you save on tax day. Charity Thinking of giving money to a charity? By advancing next years charitable donations, or even increasing this year’s gifts, will save you a bundle on your tax return. 70 or older? Did you know that you can take up to $100,000 from your IRA without having to report that amount as gross income? Sweet! Credit card...
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