halloweenI can’t believe that it’s time for Halloween again! I’m reminded every time I step into a retail store, get on my Facebook page, or drive by yards filled with carved pumpkins. I love this time of year. I mean … what other day can I dress up in a ridiculous costume and get away with it?                 

I guess it’s time to dust off the costumes sitting in the back of my closet … including the ones from five years ago. My days of dressing up for Halloween are far from over, but this year, I have decided to take a different approach to ensure that my closet doesn’t bust at the seams from all of those leftover costumes.

As tax time nears, how cool would it be to take advantage of some holiday deductions?

Here are a few things that you can do this Halloween to get prepared for tax time and bring a smile to the face of others:

  1. Have a closet full of costumes like me? Give your old costume away and make a new one for this year’s festivities. Giving away a costume to a charitable organization can possibly get you a deduction when tax time comes. If you donate to a qualifying charity (the IRS website lists them all), be sure to get a receipt. You can also check out Tax Mommy’s blog for more info!
  2. Bought too much candy? Just like donating a costume, this too can be deductible! Take your unopened candy to a local shelter or send to organization that supports our troops.

If you’re unsure about what you can donate, see your tax preparer for advice.

Don’t let old costumes or taxes frighten you this Halloween. Stop by your local Liberty Tax® to see a professional or call 1-877-at-Liberty to find an office near you.