Deadline Looming: Ways To Take Advantage Of 2012 Deductions

6:42 PM, Dec 26, 2012   |    comments
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Not only is 2012 coming to an end, the clock is ticking for anyone who want to donate to get tax deductions.

"If people would now...instead of focusing on the New Year's celebrations. Just went thru the house and look for all the stuff they don't really need...this would be the great week of the year to do it. This could really help your tax return," said Michael Wittenberg, a financial planner.

Wittenberg also add that it might be a good idea to find a organization your want to give before the end of the year.

Financial experts say no matter how big or small, it all counts. They also suggest taking your last paycheck and contribute a portion to an IRA or a 401K plans. This could lower your reportable income.

Remember; make all charitable contributions before December 31st, 2012. And complete your online gift on or before 11:59 p.m. on Monday.

And keep all records for all donations.

Here locally, you can drop off charitable donations at area Salvation Army & Goodwill donation centers.

Check out the Top Seven Charities that made the top 100 list:

  • United Way
  • Fidelity Charity
  • Salvation Army
  • Catholic Charities U.S.A.
  • Task Force for Global Health
  • Feeding America
    American National Red Cross

*Chronicle of Philanthropy for 2012

According to the USA Foundation, Americans donated $217.79 Billion in 2011. Those donations are up about 3.9% from 2010.

Here are some other helpful tips you can check out:

Nine things to do now to cash in at tax time.
Save on your taxes year end.
Cool tax moves

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