Clock’s ticking for 2015 tax-deductible donations

Quick, there’s not much time left to make a tax-deductible charitable donation for your 2015 tax return.

Donations must be made to a qualifying organization before Jan. 1. As you count down the hours and minutes remaining in 2015, count on making your year-end donation. Many thrift stores handle a rush of last minute donations, with some even having lines for drop off. You’ll need to get a receipt for your tax write-off so plan a little extra time when heading to donation locations. If you want to schedule a home pickup for larger items, keep in mind that trucks may be booked until early January when it will be too late for a 2015 deduction.

Remember, the organization must have a tax-exempt status. Most charitable trusts, funds and foundations, war veterans’ groups, churches and other religious organizations and nonprofit education entities qualify. Use this IRS tool to search for tax exempt organizations.

If your house filled up with new holiday gifts, this is a great time to clean closets and garages. While you are off work and the children out of school, take an hour or two to collect unneeded items that could help those in need.

Happy New Year!

Related Posts