April is just around the corner…start thinking about your taxes now. Via AOL, here’s a list of the top 5 tax mistakes. Tip #4 refers to getting receipts for charitable donations. Ever since I realized the tax benefits of charitable donations, I’ve moved to a system where I will only donate if I get a receipt.
I no longer drop coins into Salvation Army pots, donate canned food to food banks, give bottles to charities or sponsor people in walkathons and the like. I instead send the donation to the charity in question and request a tax receipt. Because of the tax benefits, I’m in a position to donate more than I could otherwise. It’s not that I’m stingy — it’s that I’d rather donate more!