Elizabeth Maresca appeared in a New York 1 report that gave tips on how to lower your tax bill.
“If you make donations, try to make them by check. Keep a copy of your check,” says Elizabeth Maresca, clinical professor at Fordham Law School. “Many charities will send you a letter back thank you with the amount of your donation. You should keep that with your tax things.”
Generosity also pays when showing gratitude to your colleagues or clients. There’s a $25 limit per person, and again, you’ll need proof. Plus, it needs to be a business-related gift, not a personal one.
“So if you have clients and you send them holiday gifts, absolutely, that’s deductible,” Maresca says. “If you have a party with your friends and you bring a bottle of wine, that wouldn’t be deductible.”