4. Contributions to Charity
According to the National Philanthropic Trust, American individuals and families donated a record $373 billion to charity in the year 2015. This breaks down to nearly $3,000 of charitable giving in cash or check form per household. We would like to bet that not all of them kept bookkeeping records of these donations for tax deduction purposes.
Bookkeeping Trick: Remember you may deduct non-cash charitable contributions, so be sure and get a receipt from Goodwill, the Salvation Army, etc. when you drop off your clothes, furniture, or other goods.
