Charitable Summer Giving Equals Tax Deductions

During the leisure-driven summer season, people should still want to increase their charitable giving. Not only is this a noble enterprise, but it also benefits the taxpayer during tax season. There are many avenues of giving that can earn a tax deduction for the average person.

For instance, children’s summer camps provide fun and safe day care to many needy kids. They rely on donations to help parents with summer time care while parents are working and the kids are not in school. Another good avenue is finding a community fan and air conditioning drive which helps families and the elderly avoid heat-related illnesses during the sweltering summer months.

The national debt clock outside the IRS office...
The national debt clock outside the IRS office in NYC. (Photo credit: Wikipedia)

Or, finish your spring cleaning in the summer. Donate the clothing, household goods and other items no longer needed to not for profits who refurbish and resell them in their thrift stores.

Here is a caution, however. While charitable giving is important and worthwhile, be sure to check that the organization is legitimately not for profit. Check its references online. Ask friends and relatives what they know about it. Call the organization to inquire about its tax exempt status. Don’t donate unless you know all the proper paperwork is in the hands of the Internal Revenue Service.

To further credential your charitable giving this summer, be sure to save the receipts the not for profit provides with a donation. Use online tax software such as Turbo Tax to keep your donation records in good order. Turbo Tax Its Deductible records everything necessary to give correct documentation to the IRS come tax season.

Remember, no matter how you spend your leisurely summer days, plan to send some money, time and belongings to the charitable organization of your choice. Correctly recorded and documented, those donations will add up to nice tax deductions in April.

TurboTax Reaches Goal To Help US Troops

TurboTax Reaches Goal To Help US Troops

Intuit TurboTax recently announced that they have exceeded their $2 million goal to support US troops.  This campaign was launched in part with Mission2Match and Operation Homefront and raised over $1 million from direct donations alone.  The money will be used to support U.S. troops and their families.

Baltimore City Veterans Day Celebration
Baltimore City Veterans Day Celebration (Photo credit: MDGovpics)

Operation Homefront is a countrywide non-profit association.  Since its humble beginnings in 2002, this organization has helped more than 590,000 military families.  With 94 percent of donated revenue going directly to help service members and their families, this charity has a four-star rating with Charity Navigator, a charity watchdog.

Monies were raised each time a donation was made to Mission2Match through online TurboTax.  However, donations went even further with the help of social media.  Each time donors tweeted #mission2match, their donation was matched.

TurboTax has a long been a financial supporter of military members and their families.  They are proud of their partnership with their customers as well as Operation Homefront.  Money raised goes to help families of troops who have been wounded or otherwise unable to work after returning home, such as Air Force Sgt. Angelo Rodriguez who lost his memory after his time serving and could no longer walk or talk.  Thanks to generous donations, Rodriguez and his family now have a place to live and a fresh beginning.   Many other military members and families will directly benefit from the generous donations of Turbo Tax users.  These donations are a very tangible way to express thanks and support to U.S. troops.