The end of the year means time is running out for taxpayers to make some moves affecting the amount of income tax money that is owed.
Michael Devine, an Internal Revenue Service media relations specialist for Missouri & Kansas, says the best bet for saving 2007 tax dollars is through charitable donations. But he cautions the honor system is no longer in play – the IRS will want to see receipts. Devine says donated clothing or other goods must be in good condition, meaning they must be reusable without any kind of repairs. He says donations of items that should have been thrown in the trash are not eligible for tax deductions.
Another tax break comes through the purchase of energy efficient windows, doors, or insulation. Those purchases could be worth a tax credit of up to $500. But those purchases must be made today to qualify for the 2007 income tax returns.