Disasters are occurring around the world, the food bank needs help, holiday charity appeals are beginning, and various organizations that you belong to are anticipating the end of the year and trying to balance the books. There are many worthwhile causes looking to you for donations.
When you decide who to share your money with, you should be receiving something more than a warm feeling; you should be getting a tax receipt. The results may or may not be huge, but for the few minutes it takes to fill out a few more lines on your income tax forms, the dollar-per-minute return on your time is pretty good. Every little bit helps.
When that slip of paper arrives, you’ll need a place to put it so that you can find it when needed. You don’t need to get all high-tech or fancy. If you have a filing system that includes actual paper files, make one more and label it Taxes. (If you don’t, a large manila envelope that you keep with other important papers will do just fine.) Maybe even Current Taxes or Taxes, This Year. Put the donation receipts in it. They will be joined, in a month or two, by documents from your bank, your employer, your investment company
Nest spring, when the time comes to prepare your return, they will be gathered together, ready and waiting. Empty the file, and it will be ready to collect similar papers through the next year. Nothing will stay there forever- just until the next time income tax day rolls around.