Thursday December 21, 2017
Tis the Season
With the tax year coming to an end, I would like to take this time to remind you of some last minute tax saving tips.
Many taxpayers receive gifts during the holiday season. These gifts usually replace older items which are either disposed of or donated.
Before you dispose of your items, contact your local charity / donation store and donate the items. Remember to get a donation receipt and write down the fair market value of the item(s) you're donating.
Shopping at the Store and you decide you want to donate a gift in the collection bin?- Keep your receipt of the items you donate. Write down the cash amount you donate to the Salvation Army bell ringers, or better yet, write a check for tax documentation purposes.
Donate food at your local Food Bank. Food Banks can provide you with a receipt for your charitable contribution deduction.
Volunteer. You may be able to deduct un-reimbursed travel expenses you pay while serving as a volunteer. You can't deduct the value of your time or services. The deduction qualifies only if there is no significant element of personal pleasure, recreation, or vacation in the travel.