Donation Procrastination - Last Minute Tax Rebates - KWWL - Eastern Iowa Breaking News, Weather, Closings

Donation Procrastination - Last Minute Tax Rebates

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WATERLOO (KWWL) -- Consider this a sort of "preseason" for accountants. There are only two days left before the 2009 tax year comes to a close. Obviously, everyone wants to get as much money back from the government as possible -or at least avoid paying in.

The good news is, local non-profits are benefiting from the last minute rush as well. Groups like the Northeast Iowa Food Bank delivers hope, and help, to thousands of local families.

But they don't run on good intentions alone. They need donations - of time, food, and of course, money - about 40 percent of which are given around December.

Executive Director Barbara Prather said there's a good reason for that, and it's not holiday-related.

"When you donate to the food bank, you also help yourself by reducing your taxes," she explained.

If you are guilty of donation procrastination, don't worry, you still have a little time.

CPA Dave Rogers noted, "the contributions can be given right up until December 31."

Just make sure someone is around to give you a receipt. You can stop into the Northeast Iowa Food Bank until 2:00 PM Thursday.

Now, if you're looking to get even more green out of Uncle Sam, you might want to consider going green at home. Or, closing the deal quickly on a new place to live.

Rogers said, "if you made any improvements to your home, purchased a home, bought a new car, go back and track down the paperwork for those."

Getting money back in a few months will definitely put a smile on your face. And for a more immediate side effect - donating to a good cause, feels pretty great too.

Prather commented, "it really warms your heart, and it makes a difference in the lives of a lot of people."

If you don't have the money to give, Prather added they're just as happy to have you donate your time. She says it's not tax-refundable, but it is worthwhile.

Another hint from Rogers - keep your eye out for your W2 forms in the mail. You can electronically file your taxes as early as mid-January. The official tax deadline is April 15th, 2010.

Donate online to the Northeast Iowa Food Bank by clicking here.

Online Reporter: Colleen O'Shaughnessy

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