Last Minute Tax Deductions
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The holidays have come and gone, and In less than a week, year 2012 will be here. The swift deadline of December 31 has accountants encouraging people to take advantage of last minute tax deductions. “Now through the 31st is definitely the time. If you want to donate, this would be a good time to go ahead and do that,” said Morgan Income Tax Services Tax Specialist Kimberly Bills. Specialists state there are three things you can do between now and New Year’s Eve for tax deductions. You can donate items to charitable organization or donate money to your local church. Officials also state if you have students in college, to pay as much of the tuition as possible to receive an education credit. Specialists encourage homeowners to pay all property taxes before the end of the year. Accountants said all of these steps can count toward your 2011 tax returns. “Well I think it’s just a great thing. Anytime you can give and help other people is always good. Then it’s just an extra added perk when you get to take it off your taxes as well,” said Goodwill Donator Kim Johnson.
