Year-end giving can save on tax bill

Year-end giving can save on tax bill

Print
Email
|

by KGW staff

Bio | Email | Follow: @KGWNews

kgw.com

Posted on December 28, 2012 at 5:26 PM

Updated Sunday, Dec 30 at 2:10 PM

PORTLAND -- With 2012 coming to a close, it's not too late to save on your taxes-- even if they end up going up.

Year-end giving is one of the easiest ways to save on taxes and Goodwill donation centers in the metro area are at their busiest this time of year.

To be deductible those donations must be in generally good used condition or better. One thing to keep in mind is to ask yourself if what you are donating is something you would buy. Also, make sure you get a receipt so you can keep track with the IRS.

Goodwill also has a website where you can determine the fair market value of your donation. This is where you need to be realistic about what it would sell for.

Download: Goodwill Donation Value Guide

“We wanted to give the items we didn't need anymore to someone that could use them for a good cause,” said Allison McCormic of Portland.

“This time of year, we get our most in the way of donations, our most valuable. Often you'll find on the retail floor some of the best donations all year January through February,” said Dale Emanuel with Goodwill Industries.

Remember that donations and charitable contributions are only deductible in the year they are made.

If you write a check to a charity or use a credit card, it has to be dated or posted by Dec. 31.

Before you donate you can go to charitynavigator, which allows you to see where your funds are really going within each organization.

Print
Email
|