Avail of Tax Breaks – Give Stuff to Charity before year End

Avail of Tax Breaks – Give Stuff to Charity before year End

Quite a number of people give stuff to charity. However, they do not realize that this is tax deductible. They do not inquire on the same and thus pay more taxes than are actually due. So, check whether the stuff or money that you are giving to charity, is tax deductible.

STEP 1: Charity Events

You could think about attending charity events. Most charities break down the cost of the attendance and itemize it. Most of the items are tax deductible.

STEP 2: The Volunteer Activities

The miles that you have driven for participating in various volunteer activities will also help you get a tax break. The driving costs could be deducted.

STEP 3: Special Clothing or Equipment

Even the special clothing or equipment that you buy for participation in the various activities of charitable organizations is tax deductible. Moreover, travel expenses incurred as a result of traveling for charitable work is also tax deductible.

STEP 4: Donating Stuff

Another method of getting a tax break through charitable work is donating goods to charity organizations. You could donate clothes, books; appliances etc to charity and get a receipt for the same. This receipt ensures that you get a tax deduction.

STEP 5: Giving it all at once

The best way herein, would be to give it all at once. You could give it late in December, in a lump sum and thus get a fat little tax deduction for the amount.

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This Article is written by John C Arkin.


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