Are You Prepared for Tax Time?

Tax season is here. It is time to start gathering paperwork and preparing to file your 2019 taxes. Below, you’ll find some tips to help you prepare for your tax appointment and ensure you get the most out of your giving.

1. Know what you can deduct. You can deduct cash, property, and stock donations made to a charitable organization such as Northwestern, if you itemize your taxes. You cannot deduct the value of any time or services spent on charitable work, but you can deduct mileage and vehicle expenses if used for charitable purposes.
2. Get organized. You’ll need to take your W-2 form from your employer, charitable receipts, last year’s tax return information, and more. Ask your tax preparer what you need and take time to gather these items well in advance of your tax appointment.
3. Involve the professionals. A professional tax advisor is the best person for advice on specific tax issues.

Tip: Make Tax Time Easier

Transfer records to personal budgeting software such as Mint, YNAB, or Quicken. Digitize your information from financial transactions to stay organized. Some apps also integrate with tax software to make preparation much easier.

Questions?

Please don’t hesitate to contact Northwestern Gift Planning at 800-826-6709 or giftplanning@northwestern.edu. We’d be happy to help and can discuss how you can make supporting Northwestern a part of your plans.