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Donate to Charities and Reduce Your Income Tax Bill

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Monday, December 26, 2011 - 7:22pm

EL PASO- Just one week left in 2011 and if you haven't completely blown your budget on gifts, you can save some money on taxes.

Giving to a charity is a great way to continue the giving spirit during the holidays and a great write off on your income tax bill.

" The economy is just catching up with us here in el Paso in my opinion and as a result of that we're starting see more folks that are having difficult time making rent, being able to pay their utilities, being able to put food on the table," John Martin, the director of the Salvation Army in El Paso.

He says all non-profits that serve the homeless are getting an influx of people asking for help, shelter and food. A growing problem is the shortage of food donations. " We're not alone in that area as well, the west Texas food bank and others are all seeing a decrease in donations as it relates to food and we do have a lot of hungry people here in El Paso," said Martin.

Make sure to donate by Saturday if you want your donation to be tax deductible. The Salvation Army accepts all kinds of donations from cash, to linens, clothing and used cars. " We need the community's help, the salvation army relies on the community to help the community..it's all about doing the most good," said Martin.

Remember that when you donate to a charity, it needs to have 501c3 status that makes your gift tax deductible.


 

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