There are only five business days left in the year. A central Iowa accountant recommends you get moving, today, if you haven’t made any donations to charity yet. West Des Moines C-P-A Jeff Strawhacker says charitable contributions made now can really help you in a few months when tax time arrives.
Strawhacker says there are I-R-S limitations on how much you can give and take as a deduction, which is 50-percent of your adjusted gross income, but with hurricane relief efforts, that limitation has been thrown out for contributions made after August 28th. Some people stew about how much to give to charity, but he says there are only a few days left in the year, so make a decision and write out the check.
Strawhacker says there are advantages to making larger contributions this year but as far as how much to donate, that’s an individual decision. He says it’s a tax write-off so the more you give, the better tax-savings you generate. Most people have a few “pet” organizations to which they could contribute, but Strawhacker says if you’re having trouble picking a favorite, do a little research first.
Go onto the I-R-S website to make sure they’re listed as a charitable organization. He says some places automatically come to mind, United Way, churches, missions, health and welfare groups. Of course, if you don’t want to give money, items can also be tax deductible, from used clothing to used cars. Just get a receipt.