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How to Still Save on 2013 Taxes

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SOUTHWEST Okla__ The year is coming to an end, but that doesn't mean you have missed out on saving on your 2013 taxes.

The easiest would be by donating to a non-profit organization.

Tax preparer, Annette Kraft, says she figures only about 10 percent of us really know what they need to about taxes, and it is something that should be thought about year round, but often it isn't.

The easiest last minute way to get a write off is by a donation to a non-profit, monetary or with items and Kraft says either will do.

"They're roughly the same, because you don't get dollar for dollar and it all relies on your income," Kraft said.

No matter what you choose clothes or money there is one thing you must walk away with or it is all for naught.

"Get your receipts... and the receipts going to show the non-profit name on it, the date you gave on it, and how much you gave. Always keep your receipts," Kraft said.

Doug Passmore is the pastor at Lawton First Baptist East and says this time of the year is where most donations come in a lot because of being able to use it as a write off.

However, there have been times where people have waited a little too long and they weren't able to help with getting them their tax write off for that year.

"It's got to be here by the time we close or its got to be given on December 31st. We can not take something on January 1st and back date it," Passmore said.

Some may think that these donations may not do much and it isn't worth the giving, Kraft disagrees.

"Like I tell the clients every little bit helps, and when you start everything up it could be tremendous help," Kraft said.

While donating is the easiest way there is another way to save before the year end, Kraft says if you pay on your next months mortgage the interest of it can be claimed as an expense.

Also paying off your property taxes will give you another schedule a expense that can be used as a write off.

 

 

If you can't make it to a non-profit by the end of the year Kraft says investing in your retirement with an IRA also helps with saving on your taxes, and you can do that up until April 15th, 2014.

 

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