5 Simple Tax Tips for End-of-the-Year Giving
With the hustle and bustle of the holidays, the last thing we want to think about are taxes. But since the holidays are a time to think about giving, Razoo and TurboTax have teamed up to provide simple tips for smart charitable giving that can save you money when it’s time to file your taxes.
Smart Charitable Giving Tips:
1. Donate by credit card
Did you know that donations made via credit card are deductible in the year they are charged and not the year that they are paid? Don’t let all that holiday shopping keep you from donating in 2013 – by donating to your favorite charity on Razoo by Dec. 31 (also one of the largest charitable giving days of the year), you can hold on paying the bill until 2014. In addition, you can check out TurboTax TaxCaster to estimate your taxes and see if you need to make any last minute tax moves.
2. Give the gift that keeps on giving
Extend the joy of giving to your family and friends this year. Razoo’s Giving Cards enable you to gift $10 – $500 for the recipient to donate to his or her favorite cause. Not only do you get to share the happiness that is proven to come along with giving to others, but you get to keep the tax deduction from your gift giving.
3. “Are you registered?”
There will always be a Grinch or three that sets up fake charitable organizations to pull at people’s heartstrings this time of year. Make sure the cause you choose is a registered 501c3 organization. The Razoo website includes more than 1 million registered charitable organizations, so you can rest easy knowing your money is going to the right place.
4. Track your donations
Keep a list of your charitable donations so you can be sure to account for every dollar come tax time. You can save yourself some time by donating to your favorite charities on Razoo, as the company will send you an itemized list of your donations in time for tax season. You can also check out TurboTax’s free app that helps you track and value these types of donations – TurboTax ItsDeductible.
5. “Spring cleaning” in December
Get a head-start on your spring cleaning, help those less fortunate, and get a tax deduction in the process! Donate old clothes, books, household items, toys and sporting goods to a local charity, and be sure to keep the receipts.
As you feel the holiday spirit this season, spread the joy to your favorite charity and give yourself the gift of smart tax planning while you’re at it!