Donating to Charity Provides Tax Deductions
POSTED: Monday, December 26, 2011 - 11:23am
UPDATED: Tuesday, December 27, 2011 - 11:30am
A sure-fire way to reduce your income tax bill is to donate to a charity by the end of this week.
There's no doubt, charities need the help. Food banks are ending another year where shortages were frequent.
Goodwill had a record year, too, putting some three million Americans to work, while the Salvation Army provided assistance in one form or another to around 30-million people. Among those were long lines of recipients for this year's Paper Angel Christmas gift drive.
Country singer Jimmy Wayne, a former foster child who was a Paper Angel recipient himself at age 8, wrote a song about it. His novel of the same name was just released to encourage others to help the Salvation Army.
"It's not just about Christmas time we should be helping," he says. "We should be helping all year round."
Still, if you want that help to be tax deductible this year, it has to be done by Saturday.