Mature Life Features

Cecil Scaglione, Editor

Tax-Preparer Can Help You Enjoy Christmas

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While spending money may be taking most of your attention during the Christmas Season, you should take a moment to make some plans on how to save some money before the end of the year rolls around.

You can join the millions of taxpayers who accounted for more than $470 billion in tax-deductible charitable donations last year. Just make sure your check is in the mail before Dec. 3 and always get a receipt for anything you give to a non-profit group.

Take care if you’ve finally decided to fork over the family flivver to a charitable organization. The Internal Revenue Service has cracked down on abuses of this practice. No longer do you deduct the Blue Book (considered the market price) figure listed for your ancient auto. The norm now is to take what the organization gets for the vehicle when it is auctioned off.

As with all tax-related matters, discuss your plans with your tax preparer before making any decisions.

When you review your charitable-giving for the year, you might consider a gift of stocks and bonds that will not only elicit smiles from the recipient of your largess, but make yourself feel financially merry, too.

Review your investment portfolio. If you have some money-makers that could shove you into deeper tax-paying waters, consider giving a portion of them to your favorite charity to lighten your tax burden.

Written by Cecil Scaglione

November 15, 2021 at 5:00 am

Posted in Finance

Tagged with , ,

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