Get the Most Out of Your Return
Tax season is here. It is time to start gathering paperwork and preparing to file your 2019 taxes. Below, you’ll find some tips to help you prepare for your tax appointment and ensure you get the most out of your giving.
- Know what you can deduct. You can deduct cash, property and stock donations made to a charitable organization such as Northern Illinois University, if you itemize your taxes. You cannot deduct the value of any time or services spent on charitable work, but you can deduct mileage and vehicle expenses if used for charitable purposes.
- Get organized. You’ll need to take your W-2 form from your employer, charitable receipts, last year’s tax return information and more. Ask your tax preparer what you need and take time to gather these items well in advance of your tax appointment.
- Involve the professionals. A professional tax advisor is the best person for advice on specific tax issues.
Tip: Make Tax Time Easier
Transfer records to personal budgeting software such as Mint, YNAB or Quicken. Digitize your information from financial transactions to stay organized. Some apps also integrate with tax software to make preparation much easier.
Please don’t hesitate to contact John Sentovich at 815-753-1344 or email@example.com. We’d be happy to help and can discuss how you can make supporting the NIU Foundation a part of your plans.
Northern Illinois University has designated the NIU Foundation as the charitable organization to receive and manage all gifts on its behalf.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.