|Published:||Dec 31, 2010 12:02 AM EST|
|Updated:||Dec 30, 2010 9:03 PM EST|
The clock is ticking.
The deadline for tax deductions on donations is Friday, December 31.
People all over Southwest Florida have been donating what they can, hoping to get a bigger tax refund from Uncle Sam.
Thrift stores, churches and non-profits have been inundated with people making donations.
"The last few weeks we always see a really big push," said Megan Spears, of the Salvation Army.
In addition to drop-offs, workers from the Salvation Army are making many house calls picking up items people want to donate.
"The last two weeks we've had an increase in the number of people asking for the truck to come to their homes. That's always a great end of year push for us," Spears said.
All through December donations increase.
From clothing and furniture to appliances, even cars.
Everything donated can count as a tax deduction.
Big or small it adds up.
"It's real dollars that you can save," said John Gallagher, an accountant.
Gallagher says the donations will make a difference when it comes time to filing your taxes.
He says if your donation is more than $250, make sure you get an itemized receipt.
It's crucial to show the IRS what you donated.
Most importantly, don't inflate the value of the items.
"The prices you get to use for a deduction are fair market value. The best indication is when you go into a thrift store and you see the prices they are selling it for. That is the value of your deductions," Gallagher said.
At Salvation Army donations have to be in good condition or gently used to be accepted.
Other organizations have similar rules.
Follow them, and a little more money could be coming your way.
"Get it done before the end of the year and you'll save money on your taxes now. It really adds up by April 15th," Gallagher said.
The IRS has a website with more information about tax deductible donations and they're value.
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