Whether you hire someone to prepare your taxes or attempt to make sense of the forms yourself, it is imperative that your papers be in order to achieve tax-time success. For best results, don’t leave the project until the last minute. Good tax organization is a year-round process.
Keeping track of tax-related transactions, such as the contributions you’ve made to the Geneva Foundation of Presbyterian Homes, throughout the year saves you from reconstructing the details later, and now is the perfect time to set up a system.
For a less hectic tax season, start with these three basic moves for organizing your charitable contributions:
1. Keep your receipts. File these documents using a folder system labeled to match the categories you’ll be using for taxes, such as cash donations, household items and gifts of stock.
2. Transfer records to financial planning software. Enter the information from your folders electronically throughout the year so you’re not doing it all at once when April 17 is fast approaching. Doing so will also help you gauge whether to give more at year-end to maximize tax benefits.
3. Don’t forget to claim deductions based on travel. Record vehicle mileage and other travel expenses when incurred for charity.
Don’t miss out on the benefits you deserve because you didn’t properly document your gifts. If you have questions about documenting your contributions to the Geneva Foundation, please feel free to contact us at 847/492-2959 or through email at genevafoundation@presbyterianhomes.org.
Posts
No comments:
Post a Comment