Time running out to make tax deductible donations

By: Kim Bedford
By: Kim Bedford

Knoxville (WVLT) -- The end of 2007 is just around the corner and that means time has nearly run out for you to get a tax break.

Thankfully, there is still some time left to make a donation that can not only help others, but also help you save some money at the same time.

The last few days before the 31st are very important to organizations like the Salvation Army.

"Really what happens in the last two to three weeks and this week for us as far as donations go, determines what we're going to be able to do for the whole year," said Major Don Vick of the Knoxville Salvation Army.

Thrift stores are expecting big-ticket items to flood their floors, all in hopes of providing last-minute tax deductions.

"We do keep real busy the next few days,” said Vick. “We expect right through Saturday, even Monday of next week, having lots of folks making these kinds of donations."

The most common big ticket items donated are pieces of furniture.

"A couch can bring us $100-$200 maybe and that's a big sale for us," said Vick. "What we make on those items goes right back to paying the expenses for this program."

It's a win-win situation and the publics generosity helps the charities and saves you money at the same time.

"People kind of think, ‘this is my last chance to get these donations in and get the tax deduction for this year,’" said Vick.

How much can a big donation really save you?

"It's all according to the income bracket you're in, 15 percent or up,” said Jerry Tipton, a CPA, “it helps a lot."

But you can't save on anything without saving your receipts.

"That is the key word,” said Tipton, “you have to be able to itemize."

Remember, while it's not too late to donate, time is running out.

You have until New Year’s Eve.

If you're thinking about donating a vehicle, remember, you won't get any tax deduction unless the vehicle is sold through the organization before December 31st.


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