Don't forget year-end tax deductions - WAFF-TV: News, Weather and Sports for Huntsville, AL

Don't forget year-end tax deductions

(Graphic: MGN Photo) (Graphic: MGN Photo)
HUNTSVILLE, AL (WAFF) -

There are some things to consider when planning year-end tax deductions. 

Huntsville Certified Public Accountant Robert Seaman said it is important to finish charitable giving before the new year starts, but donations are not the only thing to think about. 

"If you are going to be doing some charitable giving, that is one of the easiest things to make sure you get done," Seaman said. "The other is if you have any stock transitions that you want to make sure are counted in this year, you need to hurry up and make sure those things get done within the next day or two. Otherwise, that won't count for 2013."

Getting a tax write-off for donating clothes, toys and other items to places like The Salvation Army or Goodwill is pretty easy. A form needs to be filled out recording exactly what is being donated. That form -- essentially a receipt -- is submitted to an accountant or whoever does a tax return. 

Seaman said that receipt is all that is needed on non-cash donations less than $500. There is no limit on cash donations. 

Copyright 2013 WAFF. All Rights Reserved. 

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