Income tax refund: five tips for maximizing it
2. Don’t forget your good deeds
Donating to qualified charities helps those in need and could increase your tax refund, just remember to keep receipts and documentation for all donations. If you itemize deductions on your taxes, you can deduct your cash contributions. Also, don’t overlook donated items like clothing, furniture, toys, and bikes at tax time. Even the miles driven to and from volunteering may be tax deductible. Many Americans undervalue the cost of their charitable contributions. There are free tools, like ItsDeductible.com, available online that will give you the fair market value for your donated items.