Wednesday, December 28, 2011

Tis the Season for Giving: How Giving Saves You on Your Tax Return

At this time of year, charitable giving comes natural to us all. Holidays make everyone more generous, and it is no surprise that charities receive the majority of their yearly donations the last few months of the year. There are many advantages to giving to charity. It makes your heart feel good, but it also can provide you with a tax deduction. If you make donations to qualified charitable organizations during the tax year, you may deduct the value of those gifts on your federal tax return.

With so many organizations out there, it is important that your hard earned dollars are donated well and to a charity that is strong financially. You want your gift to continue to make a difference, rather than given to a charity that may or may not be here next year. Many donors do not think about these things before giving. A recent survey done by Hope Consulting found that, only about a third of donors do any research when making a charitable gift. They’re much more likely to spend time evaluating choices about jobs, business investments or vacation plans with their family.

There are no limits on charitable contributions for most taxpayers. Most taxpayers will be able to deduct cash contributions in full up to 50 percent of their adjusted gross income. For cash donations, make sure you keep all of your receipts or bank statements with proof of amount and date gift was given. For non-cash donations, make sure every time you drop off outdated clothing, household furnishings or non-perishable foods at local charities or food banks you are given a receipt. These small donation trips can add up big time come tax season. These items must be in good condition or better, according to the IRS to receive credit. Charitable gifts must be completed by Dec. 31 in order to receive these tax deductions.

Be sure to consult with your own tax advisor about your specific tax situation or refer to
http://www.irs.gov/taxtopics/tc506.html for more information. If you give with your head and your heart, your giving will warm you and others for a long time to come.

Thursday, December 15, 2011

Saving Both Time & Money This Holiday Season

With the hustle and bustle of the holiday season we sometimes forget the most important reasons for the season. Use these helpful tips to help consolidate both your time and money and get back to the important things in life.

Shop Online - Web vendors are open around the clock, 365 days a year. If you are the kind of shopper that knows exactly what you want, this is a great way to wrap up your shopping in a timely manner. Instead of spending the gas to drive across town to the mall or fighting the crowds and waiting in long lines, take 10 to 20 minutes out of your day to sit at your computer and make your purchases.

Free Shipping Day, December 16, 2011 - Started a little over four years ago, this annual event continues to grow. With over 2300 merchants involved this year, this is a great way to save on paying the higher rates to guaranteed delivery by Christmas. Most merchants participating have no minimal order and guarantee delivery by Dec. 24. Check out http://www.freeshippingday.com/ for entire list of participating merchants.

Barcode Scanning Apps for Smart Phone- Free Apps like Red Laser, Bar Code Scanner and ShopSavvy can help you compare prices by a simple scan of the UPC code. These apps make shopping a whole lot more fun. You can compare prices with local and online merchants to help you find the best deal. Most apps get as detailed as showing maps with store information and navigational tools.  Don't let your successful day of shopping get ruined by finding lower prices when you get home, scan and research as you shop.

Coupon Websites - Websites such as: Groupon, Living Social, Coupon Sherpa and Yowza are not only a great way to find deals on your favorite things but also are some of the fastest growing companies in the world. These websites feature the best things to do, see, eat and buy. People love deals but hate to shop around for them, and these websites bring deals directly to you. Groupon and Living Social have daily deals on discounted gift certificates usable at local or national companies. On average they can save you between 50-60 percent. These are great tools to help you prepare for Christmas 2012! Forget getting your scissors and going through the Sunday paper, Coupon Sherpa and Yowza feature an assortment of online coupons, as well as printable, grocery and even mobile coupons. You can search by your favorite retailer's name, specific categories or by your geographical location. The sites listed above also have free mobile apps.

Group Gift Giving - Have that one gift for Mom that is just a little too much for you alone to purchase but don't want to deal with the hassle of getting the other money from your siblings? Use websites like Shareagift.com and ChipIn.com to do all the work for you. Simply set up your account with information about the gift you are wanting to purchase and amount you would like collected from each giver. An email will be sent with payable options and once funds are collected a deposit can be made into either your PayPal or bank accounts. It is that easy!

With the help from these great resources we hope your holiday buying will be easy and stress free.