Are You Ready for Tax Time?

March 24, 2021

Here's some tips to help you prepare for your tax appointment and ensure you get the most out of your giving. Remember, it's easy to donate to CDH online!

• Know what you can deduct. You can still deduct cash, property and stock donations made to a charitable organization such as Cretin-Derham Hall, 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.

• 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.

• Involve the professionals. A professional tax advisor is the best person for advice on specific tax issues.

• Keep good records. 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.

If you have questions, please contact Vice President for Advancement Rob Bollinger at 651.696.3343 or rbollinger@c-dh.org. We’d be happy to help and can discuss how you can include your support of Cretin-Derham Hall as part of your plans.

The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.