By Tim Kowols
It is too late to make a donation to impact your tax bill for this year, but Door County Community Foundation President and CEO Bret Bicoy suggests using this year’s return to start a plan for next year. According to Consumer Reports, Americans wrote off $210.6 billion in itemized charitable donations in 2014, which was over eight percent higher than it was the previous year. Bicoy says filing your returns can give you and your accountant a chance to look at next year and learn how you could potentially lessen your tax burden.
As for this year’s return, a notice of receipt is required for charitable donations above $250 in which you received no additional goods or services in order to be considered a write off on your taxes.