Homebuyer tax credit extended;
closing date deadline is now Sept. 30
2010's expiring tax cuts likely to be dealt with by a lameduck Congress

Midyear tax tip #8: Get charitable

Every December, folks clean out their closets in anticipation of new goodies they'll receive as holiday gifts. And some of those old items go to charitable organizations.

That's a good thing. But Carolyn says that charities are just as happy to take your donations, either in goods or cash, now.

Young woman cupping hands, close-up of hands

That's our Midyear Tax Moves entry number 8: Give to your favorite nonprofit sooner rather than later.

In fact, charitable organizations would like to get donations throughout the year. It helps them meet their operational costs and eases some of the year-end giving crush.

So keep the giving going all 12 months of the year.

As long as the donation is made in the tax year, you can deduct your charitable gift -- if you itemize and follow the IRS rules -- on your upcoming tax return.

More midyear tax tips on their way: Many thanks to Carolyn for her heartfelt help with the Midyear Tax Moves feature.

Our Wednesday posting was postponed because of all the action surrounding Hurricane Alex and the first-time homebuyer credit extension, but we've still got a couple more tax tips to share, so stay tuned.

And If you have a suggestion on how to help reduce an upcoming 2010 tax bill, we'd love to hear from you.

If you're succinct, I'll take your tip via Twitter @taxtweet. Got a bit more to say, post it on the ol' blog's Facebook page.

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You can donate car you no longer use to any of hundreds or respected charities at Cars4Charities. You can can even donate car that doesn't run. You'll get a tax deduction of at least $500 when you donate car and the charity gets the procceds from its sale.

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