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Holiday Tax Tips to Save You Money
Twin Falls, Idaho (KMVT-TV) Tis’ the season for charitable giving, but it's also a time that can have a big impact on your upcoming tax return.
Tax season is just around the corner and this time of year is the perfect opportunity to round–up those last minute deductions.
As the year draws to a close, taxes are probably the last thing on your mind.
But, this time of year can be the perfect time to save big on your taxes.
"Most organizations say the last six weeks of the year are the busiest time,” said Sandy Lapray, Taxes By The Book.
Donating to your favorite charity is a good way to save some money, but keep in mind there are some restrictions.
"They have to be a non–profit. Idaho has some great one and you have to be able to itemize to deduct them," said Lapray.
If you donate to certain educational non–profits within the Gem state, such as schools and public broadcast stations, you can take up to fifty percent of the amount off your taxes.
Plus, there's an additional benefit.
"If you do like the Idaho charities you can deduct it off your federal and your state," said Lapray.
If you're wondering whether your favorite charity is eligible log onto www.irs.gov for a list of non–profits that qualify
"You need to do your donations before the end of the year. Make sure you have receipts for everything," said Lapray.
As far as payment options go, you can use cash, check or credit card when making donations.
"As long as you do it before December 31st it's good, even if you pay your credit card after December 31st," said Lapray.
Keep records of all your donations and store them in a safe place.
And, if you can pay your home's property taxes before the end of the year you can deduct that money from your tax return as well.
Keep in mind that gifts given to individuals, whether it's family members, friends or strangers, are not tax deductible.