‘Tis the Season to Save on Taxes Says Tax Attorney in Denver
Contribute to a charity
It’s December and in one month it will be 2016! But before you have to actually start filing your taxes, take a second to realize that it is the season of giving. In fact, your charitable contributions are not just a great way to give to others, but to yourself as well. By giving to certain charities, you can cut off your tax bill for the upcoming year. But make sure your donation is accepted by the Internal Revenue’s standards otherwise you may not receive any deductions on your taxes. Some qualified organizations may include:
- Nonprofit schools
- Community organizations
- Religious groups
A professional advisor in your area such as a tax attorney in Denver can help you assess your situation.
Individual Americans give a lot
Financial planner Trent Porter says, “The end of the year is a great time to donate some items to charity. Your good deed will be rewarded with a bigger tax refund and a clean closet.” According to the annual Giving USA analysis, individual Americans give about $250 billion to charity every year! All you need to do is make sure the organization you want to donate to is eligible by the IRS’ standards and if so make sure you have sent off your gift by December 31st. Even if you are giving away clothing, get a receipt that shows a written record for when tax season comes.
If you are expecting a huge savings on your tax returns – think again. Your charitable donations cannot exceed 50 percent of your adjusted gross income. So you can contribute as much as you want, but if you go over 50 percent of your adjusted gross income, you won’t receive more money for it. But there is a chance that the excess can be carried over to the next year. Getting advice on this situation from a Denver tax lawyer in your area could save you the time and money making sure you are accurate in your tax forms.
When you give you receive more
While your donations may not save you a massive amount of money, it may be a nice little bonus to receive. But giving to a charity be it by money, clothing, etc. – can be rather fulfilling to the soul. The money is just a little perk, really. So after your holiday shopping, why not give yourself a little before this New Year and contact Denver tax attorney? With the help of a professional, you could find yourself saving by giving.
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