Yet Another Tax Deduction You Don’t Want to Miss in 2015: a Different Kind of Charitable Gift
I might be preaching to the choir on this one, but hear me out: you’re not reading fluff about pop topics and relevant issues to connect with the real story at hand (which obviously is the coming tax return for 2015 you’re going to file), and you’re definitely smart enough to not fall for such an SEO blog tactic as this, because I’m doing no such thing.
Trust me: I have something for you here about tax deductions and tax returns you don’t know about regarding charitable gifts. So listen up. This will get interesting (and turn to page 57 for our hymnal today this Sunday).
So You Think You Know Everything There Is to Know About Charitable Gifts?
Think again. Yes, you know you’ll need some receipts for your tax deductions, itemized and proofed for your tax guy to look and go, “oh, yes, you did donate that playhouse for $10K, which cuts your taxable income down to whatever,” and that does make you feel pretty peachy.
What you didn’t know about your tax return
is this: you can actually itemize much more than just monetary donations on your taxes. Pay close attention as you focus on that quick 2-hour tax return
, because the simplest stuff could easily apply, resulting in an even bigger refund in your hands (or checking account).
Consider Cupcakes, for Example
Stay with me, choir. Please. Just follow my logic here. What many taxpayers don’t realize is that goods and dollar bills aren’t the only things you can itemize. There’s so much more you can deduct from your tax return that you don’t even realize, such as several out-of-pocket purchases that all by themselves wouldn’t account for anything unless they result in a donation of some kind. Like cupcakes.
Consider a charity fundraiser for church, for example. What if you baked some cupcakes for such a fundraiser? Can you deduct those cupcakes on your tax return? Of course! But how?
Simply put, the ingredients that made those cupcakes can be written off of your taxes, because those ingredients made the cupcakes, which were donations to a fundraiser. Do you follow? It makes perfect sense.
That’s One Sweet Tax Deduction
You’ll never get a toothache as well from this, not like these other issues on your 2015 tax return
could do. That’s singing so sweet you could dance in the heavens with your cupcakes and reap the benefits of a beautiful tax refund.
Simply save your receipts for all your groceries, or at least the ones specifically related to what it takes to make any baked goods — or anything donated, for that matter. Whatever funds you use to create or make something that ends up donated can be written off on your taxes. Remember that. Build to that crescendo, wait for it…. Hallelujah.
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