Every December, folks clean out their closets in anticipation of new goodies they'll receive as holiday gifts. And some of those old items go to charitable organizations.
That's a good thing. But Carolyn says that charities are just as happy to take your donations, either in goods or cash, now.
That's our Midyear Tax
Moves entry number 8: Give to your favorite nonprofit sooner rather than later.
In fact, charitable organizations would like to get donations throughout the year. It helps them meet their operational costs and eases some of the year-end giving crush.
So keep the giving going all 12 months of the year.
As long as the donation is made in the tax year, you can deduct your charitable gift -- if you itemize and follow the IRS rules -- on your upcoming tax return.
More midyear tax tips on their way: Many thanks to Carolyn for her heartfelt help with the Midyear Tax Moves feature.
Our Wednesday posting was postponed because of all the action surrounding Hurricane Alex and the first-time homebuyer credit extension, but we've still got a couple more tax tips to share, so stay tuned.
And If you have a suggestion on how to help reduce an upcoming 2010 tax bill, we'd love to hear from you.
- Midyear Tax Moves 2010
- Deductions demand documentation
- Keep the giving going
- Year-end Money Moves 2009: Giving
- The 12 Tax Tips of Christmas: #4 Be Charitable
- Voluntary payments to ease the public debt are deductible.
- Maryland tax tidbit: charitable checkoffs
- The intersection of art, bartering & taxes
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