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As we enter into the final weeks of December, many are resolving to be more organized, eliminate clutter and maintain their tax records more efficiently in 2016. The week between Christmas and New Year's can be a great time to work towards that goal, AND maximize your Charitable Contribution deduction on your 2015 tax return. Here are some things to consider as you clean up those closets:
- Charitable Contributions must be to a qualified organization. Most organizations will provide their exempt status document. You can also check the IRS.gov/Charities & Non Profits site to see if they are listed. Be sure to get a receipt and keep your donation list for your tax records. For a link to how to value those donations at today's value (not what you paid) visit: Donation Valuation Guide.
- Holiday Mailing Box Challenge -- Fill those holiday mailing boxes with your donation items before you are tempted to recycle or pitch them. As you put away holiday gifts, take time to recycle last year's misfits and children's outgrown clothes.
- Mileage Tracking for 2016. "There's an APP for that!" If you have resolved to more effectively track your deductible business, medical and/or volunteer mileage in the coming year, look for a mileage tracking App that meets your needs and budget. A couple of the most popular are:
- Be sure to check out the Resources page on our website for tax gathering checklists and other helpful information. You can also call our office or simply respond to this e-mail with your questions or to schedule your Tax Projection while there is still time left in 2015.
From our family to yours, we wish you all the Joys of the Season.
Sincerely,
The McIlvain & Associates Team
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