At the end of each year there are deadlines for giving, so that you can reduce your taxable income when you file your taxes. Here’s a short list of gift-giving to consider![spacer height=”5px”]

* Charity begins at home. Got that favorite group that you’ve got a soft spot for? As long as the group is a 501c 3, you can give up to $800 maximum for couples and $400 for single filers for a State of Arizona tax deduction using State Form # 321. Visit www.AZDOR.gov where you’ll find a list of forms for all sorts of donations! There are many options when you donate to organizations that offer assistance to working poor.[spacer height=”5px”]

* Donate to your favorite school![spacer height=”5px”]

* Are you employing National Guard members? There is a tax credit for you![spacer height=”5px”]

* When you make a donation do you all of a sudden get flooded with request from other organizations? These organizations often swap names and contact info, and sometimes they even charge each other as a way to increase income. If you are tired of getting these notices, make sure that you check the box on the donation form that you do not want your information shared. Otherwise, you will need to contact each charity and request they stop contacting you. Want additional help? There is an organization that can help to make your mail requests disappear or be greatly reduced. Contact www.DMAchoice.org.[spacer height=”5px”]

* Remember to itemize, you can’t just state that you made a donation to a particular organization. If you give cash, get a receipt![spacer height=”5px”]

* You can donate property!  It’s a double win, in that you don’t have to pay capital gains and you get to discount the fair market value of the item. Remember, you have to own the property for at least one year.[spacer height=”5px”]

* These charitable donations must be made before the end of the year. If you donate by check, as long as it’s given before the end of the year, it can be cashed after the first of the year by the organization.[spacer height=”5px”]

* Many employers offer charitable giving via your paycheck at work. Keep an end-of-year paystub for proof of your deduction for your tax return.[spacer height=”5px”]

Keep in mind that you can’t donate your time for a deduction, nor can you exceed 20% of your Adjusted
Gross income. There’s a lot of rules on this, so get advice from your tax preparer.