Back to School Tax Saving Opportunity

Back to School

Tax Saving Opportunity?

September is "back to school" month and for many families, a time of increased spending. Here are some tax ideas to keep in mind as you and your family prepare for another school year: Many schools ask for donations of school supplies--even cleaning supplies and tissues. Instead of simply sending in the supplies with your child, bring the supplies to the principal and formally "donate" them to the school. Ask the principal to sign a receipt or letter formally accepting the donation. Donate unwanted school supplies from last year--including backpacks, crayons, and notebooks. You can donate these supplies to your child's school or to a local service organization like the Lions, Rotary, or Kiwanis Club, which often sponsor supply drives. Again, be sure to get a receipt for your donation. As a reminder for teachers, hang on to your receipts for items you purchase for your classroom. While the $250 tax credit for teachers from 2009 has not yet been renewed, there is still a good chance that it may be renewed and that you will be able to use the receipts for a deduction come tax time! Time for seasonal clothing donations! While stocking up on new school clothing, go through your child's wardrobe and donate any unwanted or ill-fitting items. Be sure to get a receipt from the charity to which you donate.