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The Salvation Army

Clock's Ticking: Year-End Tax Moves

We still have some time before income taxes need to be filed, but when the clock strikes midnight on Dec. 31, it will be too late to make these tax moves that just might save you some money. 1. Clean out your closet Got stuff? Spending your holiday vacation cleaning may not be fun but it can be profitable. Donating those old clothes (if you are itemizing deductions) can give you a last-minute boost. Be sure the items are in at least good condition, make a list and get a receipt. It will be up to you to value your items; both the Salvation Army and Goodwill have guides on their websites.2. Donate from your IRA If you plan to make cash contributions to your favorite charity in the near future and are over 70 ½ years of age, consider making your donation directly from your IRA. While it's true you could take the IRA distribution, donate the money, and take an equivalent tax deduction, sometimes it doesn't quite work out that way. You could end up on the short end of the equation if the wi...

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