tax
Income Tax Deduction: Child Credit
If you have children, make sure to take advantage of the Child Credit established by the IRS.
Income Tax Deduction: Donations
Instead of throwing away things you no longer want (but that are still in good shape) in the trash, bring them to a local charitable organization, such as Goodwill.
Upon request, they will give you a receipt. Use it to claim a tax deduction under “Gifts to Charities” in Schedule A of Income Tax Form 1040.
Make a detailed list of what you are giving away, and keep it in a safe place.
It is wise to take pictures of the items, before bringing them to the charitable organization, just in case the IRS decides to audit.
Categories
Rss Feed
Subscribe via email
