With just a few days left before the close of 2014, there are still chances to save on your upcoming tax bill. Cindy Meicher Hasenfratz, CPA, CVA and partner at Meicher CPAs, offers the following suggestions for preserving your income:
Clean out your closets
If you itemize, now is the time to make some trips to Goodwill, Salvation Army or your favorite charity. Make a list of each item you donate, get a dated receipt, and you can deduct the fair market value of each item (their value may surprise you). You can claim up to $5000 worth of items without requiring an appraisal. The bonus- you’ll have cleaner closets!
Give, especially appreciated stock
You can also donate financially to your charity of choice. Gifts of appreciated stock provide…