Are You Prepared for Tax Time?
Below, you’ll find some tips to help you prepare for your next tax appointment and ensure you get the most out of your giving.
- Know what you can deduct. You can still deduct cash, property, and stock donations made to a charitable organization such as ours 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 adviser is the best person for advice on specific tax issues.
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.
We Can Help
If you have questions about how to maximize the return on your giving, please contact Aaron Ciszek, Director of Development, at 970.569.7574 or aaronc@vailhealth.org and Anne Walters at 970.569.7648 or anne.walters@vailhealth.org. We’d be happy to help and can discuss how you can include your support of Vail Health Foundation or Eagle Valley Behavioral Health as part of your plans.
You may also visit our Planned Giving website to learn more and sign up for our newsletter.
The information in this publication 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.
