Last Minute 2014 Tax Savings Tip

tax-deduction-time-to-save-taxes    It is not too late to consider a very easy tax deduction for 2014.  Gather up some your stuff that you no longer use, no longer fits or flatters or maybe just takes up space to make room for your new Christmas and Hanukkah gifts. If you take these to your local charity before December 31 and you itemize your deductions, you may decrease your 2014 taxable income by the fair market value of these items. If at all possible, get a receipt and take a picture of the donated items to document the deduction. If you donate by dropping it off at a collection box, take a picture of you, the donation and the collection box. Then download the pictures to your computer. The file date on your computer will be on or before December 31 so you have documented your deduction. Keep a list of what was in the bags and boxes so you can put a value on the donation. (Watch for a future blog on how to determine the value of your donation.)  And have a Happy New Year!

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