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SAVING YOU MONEY: End Of Year Tax Tips

Updated: Wednesday, December 11 2013, 12:42 AM CST
SAVING YOU MONEY: End Of Year Tax Tips

Stacy Case
Franklin

  Every donated bag at "Our Thrift Store" in Franklin is money and a job for people like Scotty Campbell.  The man with Down Syndrome says it's cool being here sorting shoes for others to buy.   "I'm me. I'm in
my zone. I love God. I love everyone here. It's just amazing. "   
   Here, what you
donate helps people with disabilities and it also helps you come tax time.  Dave Krikac founded the thrift store nearly 10 years ago, "The IRS gives you a little over $100 per bag of clothing so you do
10 bags of year that's a thousand dollars for bags of clothing."
   Dan Boone with the IRS says the key to donating for the deduction is to
do it before December 31st.  You can even charge it to your credit card and pay it off in 2014 as long as the charge is made by the end of this year.
     If you're 70 and a half or older, you know you have to take money
out of your IRA each year.  A big gift to a charity satisfies that requirement without
the tax sting.  Boone explains, "That satisfies your required distribution
out of your IRA, but then you roll it directly to a qualified charity.  It's
not taxable to you, plus the charity benefits."
     Remember, you have to keep receipts, canceled checks or credit card statements for any donation you plan to deduct in 2014. 

SAVING YOU MONEY: End Of Year Tax Tips


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