NewsNet5.comNews
EducationEmploymentAutoHealthHealth ExpertsHouse And HomeWEDDINGSHomeTown ExpertsLegalCleveland247Real EstateDatingTravelFamily


E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters

Little-Known Tips Can Increase Your Tax Refund

Food Donations Are Tax-Deductible

POSTED: 3:19 p.m. EST January 3, 2002

The holidays have passed, and now it's time to gear up for the next big event -- tax season.

money

In this week's Betcha Didn't Know, On Your Side Troubleshooter Chris Caswell reported some little-known tips that could increase your refund.

There are some things that you did during the holiday season that may be tax-deductible.

"I think the thing to remember is to stay calm, stay relaxed and put your records together," said Mark Kuharcik of H & R Block.

Many people already know that giving a cash donation to their church or temple is tax deductible, but did you know that you can deduct food donations as well?

"If you're donating canned goods or a holiday turkey to a charity, you have to make sure you do it through an IRS-recognized charity," Kuharcik said.

Is volunteering your time tax-deductible?

"While there is no deduction given for the value of your time, there is for using your automobile," she said.

A person can write off 14 cents for every mile that they drive while volunteering. But it has to be to a recognized charity, such as Meals on Wheels.

Betcha Didn't Know that a fund-raiser or charity event that you attended can also be deducted.

"If it was a $25 event that cost your $150 to attend, you have the difference between the cost of that and the fair market value of that event," Kuharcik said. "The $125 would be deductible to you."

Gifts to a business colleague or a night out during the holidays can also be deductible.

"Holiday meals, basketball games, events such as that -- there's no problem with that as long as there is documentation as to who you went to the event with and the business purpose," Kuharcik said.

Experts said that the best way to keep track of everything is put all receipts in a folder and simply mark each event on a calendar. It's easier to do that than to try to remember specifics a year later, NewsChannel5 reported.

A person who purchased or refinanced a home in the last year and paid points can deduct that as well.

It is too late to give for last year's taxes, but it's not too late to start for this year, NewsChannel5 reported.





Links We Like

Sponsored Content
Employers generally have options when it comes to hiring. Makes sure you present yourself as professionally as possible, or else. More Details

You can pick your friends, but not your family -- or your neighbors. Here's what you need to know about how to deal with yours. More Details

It was bound to happen. There are now applications for your cell phone that can help you avoid speeding tickets as well as traffic jams. Drive carefully. More Details

Are you often tired or rushed in the morning? Give your morning habits a makeover, and start the day feeling positive and energetic instead. More Details


Sponsored Links

Credit Report

560? 675? 720? The average US Credit Score is 692. What is your score? See it online for FREE! More Details

Experian

Sponsor


Find Local Businesses