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Nonprofit Tax Deductions

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The final days of 2012 are near and that means it's the last chance to save some money on taxes while giving to a good cause. December 31 is the last day to make a tax deductible donation before tax season. It's an opportunity to save money on a tax bill, and help nonprofit organizations at a time when taxpayer dollars are shrinking.

Central Virginia nonprofits spotlight the arts, feed the hungry, save four-legged friends, and give homes to people who need them most. As the new year approaches, now is the time to give back to the organizations that give so much to the community.

"Nonprofits give to the community support in places where people often do not realize it's needed," said Nancy Kidd, Hope House director.

Taxpayers don't have to pay income tax on any amount of money donated to a nonprofit."

They'll save money on their income taxes," said Jarrett Gold, Liberty Tax Service owner. "And depending on what bracket they are in, is how much they'll save."

Those private donations help organizations like the Monticello Area Community Action Agency Hope House, which helps families transition from homelessness to self-sufficiency. The Hope House has been working for months to become independent of government funding, which comes with tighter restrictions.

"It really does undermine our mission if we cannot empower people with the things that we know work to help them remain self-sufficient," Kidd said. "So getting private funding right now is imperative to keeping the mission of Hope House going."

The Hope House still needs $60,000 to become independent. Liberty Tax Service says instead of letting Uncle Sam decide where you money goes, making a tax deductible donation allows you to give to a charity of your choice.

"Instead of paying taxes, you'll give it to a nonprofit that can do hopefully something more efficiently with it," Gold said.

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