Financial Diva: How To Save On Next Year's Taxes


Sunday, April 24th 2011, 12:39 am
By: News 9


Victoria Woods, Financial Diva

EDMOND, Oklahoma -- Last week I provided some last minute tips on getting your taxes completed on time. Procrastination can get very expensive.

As you send in your check you might be wondering about ways to make your taxes a little lower next year. The answer might just surprise you.

One great way to save money on taxes is to give it away! You don't have to have a trust fund to be generous. Philanthropy is defined simply as "the desire to promote the welfare of others, especially by the generous donation of money to good causes."

So, find your cause, the one that tugs at your deepest heart strings, and give! There's a common myth that corporations are the biggest source of philanthropic giving, but, in all actuality, they only account for a small percentage. According to the Giving USA Foundation, 83% of contributions come from individuals, not corporations.

Everyone should have something they feel passionate about, whether is the American Red Cross, Infants In Crisis or The Salvation Army, to name a few. Find that cause that hits home for you and support it. I learned this life lesson many years ago and support numerous charities. Of course, on the top of my list is the Go Red For Women campaign of the American Heart Association, which fights the #1 killer in women; heart disease.

To learn more about how you can donate, please email jennifer.seal@heart.org.

If you want to view the complete report mentioned, go to http://aafrc.org/.

To see Eight Tips for Deducting Charitable Contributions, go to http://www.irs.gov/ and search for the article in their search bar.