This is a part of our continued series on year end tax saving tips. With charity work being a large part of my life this tax tip is my favorite.
Giving to Charitable causes. This is a great way to save money while helping others.
With this you can deduct out-of-pocket expenses relating to charitable activities, including the standard mileage deduction. You can also deduct appreciation on property donated to a charity as well as appraisal fees for charitable donations or casualty losses.
Ever heard of donating a car? That to is a great way to save money on taxes. Look to your church, or other not for profits such as feeding the homeless or other great causes that help others.
Series on Tax Tips
Year End Tax Tips #1
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[...] If your work offers a 401K with matching make sure you take full advantage of this. If your employer offers a matching, it is giving yourself a raise if you take full advantage of this. Plus with the first $15K or so before taxes you are helping yourself out even more. Part of the End of Year Tax Saving Tips Tax Tip #2 Year End Tax Tips #1 [...]