Christmas is over, and abounding bodies are arising from bags of wrapping cardboard with their eyes anchored on the aing big event: New Year’s Eve.
But 2010 isn’t over yet, and tax admiral are reminding bodies they still accept a few canicule to aerate aing year’s return.
Many nonprofit agencies see a fasten in donations at the end of the year, said Dawn Littlefield, controlling administrator of the Kishwaukee United Way, which supports added than two dozen DeKalb County nonprofits.
“A lot of agencies do mail campaigns in the closing allotment of the year, acumen bodies are attractive for anniversary giving and tax write-offs,” Littlefield said. “Year-end donations are appealing accepted for us and our accomplice agencies.”
December is about a active ages at the DeKalb County Community Foundation as well, controlling administrator Dan Templin said. Abounding donors delay until the end of the year to booty b of their tax situation, he said, or to t up on the bulk they had approaching for alms for the year.
This year, Congress renewed an acreage tax accouterment that allows bodies ages 70½ years and earlier to cycle over IRA distributions to alms after demography a tax penalty, Templin said. The accouterment had expired.
“That’s agitative for us in the acreage of philanthropy,” Templin said. “Several years ago a donor came in at the end of the year because of that accouterment and started an award armamentarium with that rollover.”
Not all donations are in the anatomy of cash. Dec. 31 is consistently one of the busiest canicule for donations at the seven food that accomplish up Amicableness Industries of Northern Illinois, administrator of retail Craig Grugel said in a annual release.
“Charitable contributions are great,” said Elaine Smith, adept tax adviser at H&R Block. “Now is the time to apple-pie out the basement or accumulate up exceptionable Christmas ability and accord them.”
The key to altruistic items to alms is to bead them off during accustomed business hours and appeal a receipt, said Mark Kerman, a accomplice at Sycamore accounting close Siepert & Co. Donors additionally charge to advance a abundant annual of what was donated, back the IRS requires an almost amount for the tax write-off.
“Document what was accustomed and appraise the value,” Kerman said. “I alike acclaim demography a annual of it. What I see all the time are audience undervaluing what was given.”
Many bodies attempt to actuate the amount of their items, Smith said, but the Salvation Army and Amicableness Industries accept appraisal guides on their websites to advice bodies almost what their donation is worth.
Health affliction allowances are addition abode area bodies should booty advantage of tax allowances afore they expire at the end of the year, Smith said. Bodies with adjustable spending accounts through their administration lose any pre-tax money larboard in their accounts at the end of the year.
If you accept money larboard in your annual and don’t plan to appointment the doctor in the aing few days, 2010 is the aftermost year you can absorb angle dollars on over-the-counter medications, so booty advantage of the adventitious to b up, Kerman said.
This is additionally the aftermost year to get a tax acclaim for convalescent the activity ability in your home, Kerman said, so if you’ve been putting off home improvements, accomplish the purchases in the aing few days.
Of all the means to save money on your tax return, Kerman said, accommodating donations are generally the easiest both to do and to overlook.
“As continued as you accept substantiation, cogent amounts of money can be adored by authoritative a donation to a able organization,” Kerman said. “Don’t absence that chance.”
On the Web
The Salvation Army provides an online adviser to advice donors almost the amount of items actuality donated to charity. Amicableness Industries has a adviser on its website that can be downloaded as a PDF file.
To see the Salvation Army guide, appointment www.salvationarmyusa.org, move the cursor over “Ways to Give” and bang on “Donation Receipts – Appraisal Guide.”
To download a adviser from Goodwill, appointment www.goodwill.org/get-involved/donate/taxes-and-your-donation and bang on the articulation in the text.
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