The More You Give Away, The More You Get Back

Tax Tips

2010 is quickly coming to a close, and if you’re anything like me, you’re probably wondering if you made the best of it.  Well, unfortunately I don’t know you so I can’t give you the praise that you may or may not deserve (hah!), but I CAN try and convince you that there’s still some time to do good 🙂

If you haven’t visited your local donation center as yet, here are 3 reasons why you should make the trip:

1)  It feels good!

Every time you donate your money or clothes or furniture or whatever, you’re helping out your fellow neighbor. You might not see it directly, but everything you give eventually lands in someone’s home that usually needs it more than you do.  I know it sounds cheesy, but we should all appreciate how blessed we are! And the more you give away to great organizations like The Salvation Army or Goodwill, the better you usually feel.

2)  It helps you de-clutter!

Every item that leaves that house of yours is one less item clogging up the contents of your home.  And there is something truly beautiful about that. (Well, at least if you like the theory behind minimalism).  Not only are you getting rid of stuff you can no longer use, but you’re freeing up all that “mental baggage” in your mind as well! And the less stuff we’re constantly thinking about – even if just subconsciously – the better it is for our stress.

3) You get a tax write-off! (Tah-dah!)

Yes, you probably saw this one coming but it doesn’t mean it’s still not awesome 😉 Any time you donate your stuff (or money) to a 501(c)3 organization, you’re allowed to take a deduction in that year’s taxes. So if you give away some stuff tomorrow, you’ll be able to write it off when it comes time to file for 2010.  Which means you’ll have to hurry up and donate if you’re trying to get some last minute deductions for the year! Oh, and now through the end of December, TurboTax is donating $5 to a charity on your behalf if you visit facebook.com/turbotax or givinggivesback.com.

In the end though, it’s always best to give from your heart.  Yes it makes you feel good, and you get special tax discounts for doing it, but it really comes down to helping out your community. And the more people who join together to make a difference, the more it gets paid forward, and the more lives that are ultimately touched. If you are someone who’s included in this group, give yourself a hearty pat on the back 🙂

For more information on charitable contributions or to find out how to claim charitable contributions in TurboTax.

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