KHTS Radio Santa Clarita Radio – Santa Clarita News
Ed. Note: The following content was provided by Liberty Tax, who is a client of KHTS AM-1220.
Santa Clarita Valley residents can use certain holiday gifts as tax deductions in the upcoming tax season, according to tax expert Ritu Khadiya of Liberty Tax.
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Some purchases that would usually qualify for deductions include gifts for business clients, monetary donations and items donated to charities. 
“There are many ways of getting that contribution deduction,” Khadiya said. “When you’re giving out some gifts… you can take the receipt, keep it and you can take it as a tax deduction in your personal taxes.”
Contributing to charity toy drives and Good Will donation centers also qualify.
Related Article: Liberty Tax Helps Santa Clarita Residents Avoid Health Care Penalties
“If you’re giving out toys and you know you have the receipt for it, you know the value for it, you can keep the deduction,” Khadiya continued. “If you’re donating at Good Will, you’re taking out all the trash from your house and donating it away because you don’t use it, you can go on Good Will’s website, take the fair market value of that product and take that tax deduction.”
For business owners, purchasing gifts to give to clients and customers can also be used as a tax deduction, according to Khadiya, who stressed the importance of keeping all receipts.
“All businesses do that,” she said. “You can expense as a business all the gifts you’re giving out to all your clients… It’s basically an expense for you.”
Starting Dec. 1, Santa Clarita Valley residents can expect to see the familiar Liberty Tax “wavers” dressed up as the Statue of Liberty outside their Bouquet Canyon Road location.
Do you have a news tip? Call us at (661) 298-1220, or drop us a line at [email protected].Khadiya added that Liberty Tax has added a health care agent to their office to help residents begin their health care benefits calculations now that open enrollment for individual coverage has begun.
Open enrollment for individual coverage started Nov. 15 and runs until Jan. 15, offering a short window for Santa Clarita Valley residents to avoid penalties.
26775 Bouquet Canyon Rd
Santa Clarita, CA 91350
661-296-1000
