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Tax Tidbit: Now is the time to GIVE

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This is the time of the year where I clean out my closet and receive charitable tax-deductible contributions! That is the double win-win of a clean closet and tax savings! As we close out 2013, make sure all deductions are secured with receipts for a paper trail if your business or individual return is being checked by the Internal Revenue Service for an audit. Remember the receipt should have the name of the items being donated, an approximate value of the donation and the name and address of the non-profit agency that is receiving the donations.

Giving the donation is step 1, step 2 is collecting the receipt and step 3 is filing the tax return. There are many FREE resources for Philadelphians. The Campaign for Working Families provides tax preparation services for working families, including the Federal Earned Income Tax Credit, a refundable tax credit for low-wage earners. Philadelphia families earning less than $50,000 per year or Individuals earning less than $20,000 per year are eligible for this FREE service. The campaign for working families website reports "We had a record year! 14,147 tax returns were filed for tax year 2012. A total refund amount of $20,505,268 dollars was returned to the Philadelphia community. Over $1,000,000 in tax credits were claimed.Our tax season volunteers provided 13,819 hours for service." The website also says "Starting January 24th, 2014, Campaign for Working Families tax sites will be open. Tax sites are first come, first serve. Click here - http://www.cwfphilly.org/#!services1/c5tj to find a tax site near you." To learn more, visit cwfphilly.org or call 215-851-1886.

As you can read, with 5 days left in the tax year, NOW is the time to give!

For more information: RSVP @ http://freshbooks2014.eventbrite.com for the FREE Freshbooks training on January 27th, 2014 from 12-2 pm or 6:30-8:30 pm. We will show you how to quickly turn your expenses for business into tax-deductible savings. Cohort 3 of Calling All Female Entrepreneurs begins on Monday, January 20th, 2014 for three (January 20th, February 17th and March 17th) powerful workshops designed to take your business to the next level. RSVP @ http://callingallentrepreneurs2.eventbrite.com. Learn more about these events and many others for business owners at http://newmannetworks.eventbrite.com

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