Periodically donate to charity

Periodically donate to charity. Donating old or unused items to charity is a great public service to your fellow mankind. In addition to the public service aspect, donations of big-ticket electronics and furniture can turn into substantial tax write-offs. According to Judith Schwartz, CPA and assistant professor at Northwood University in West Palm Beach, FL, “If you donate a computer now worth $500, you can deduct $500 from your taxable income, which would translate to a savings of about $125 for a couple in the 25 percent tax bracket.” Not a bad deal for donating to a worthy cause.

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