This is the last of month of the year to make cash and non-cash donations to the charity of your choice. We tend to make cash donations throughout the year, so I just need to dig through closets. I hope to roundup a few more things to make a final donation to Goodwill and/or the Veterans of Foreign Wars.
I actually list every item I donate throughout the year. I also take pictures for auditing purposes. I attach my donation list to the charities receipt and stash it in a tax folder labeled by year. This year: 2009!
When January rolls around, I use a paper copy of It's Deductible to value the items I have donated. Yep, I add each item up one by one. I have had years where I have donated over $1000 worth of merchandise. That saves us about $250 in taxes! Those items wouldn't have fetched to much more at a garage sale. Maybe less!
If you aren't the type to have a garage sale, sell on ebay or craigslist this is the best way to benefit financially with your castoffs. Start digging through those closets and cupboards now and make a list as you go. It only takes a few minutes a day to find things you don't need. It helps to have a box or bag ready when you begin, too! Good luck.
End of the Year: Donations
December 4th, 2009 at 05:04 pm
December 4th, 2009 at 05:52 pm 1259949150
I staple a new spreadsheet to each reciept. I already maxed my non-cash donations for this unless I want to do the special form. So after Christmas I will start going through stuff again to donate in January.
#1 item on the donation list for next year is my NEW with tags Wedding dress that I bought but did not wear because I eloped!
December 4th, 2009 at 08:28 pm 1259958521
December 4th, 2009 at 08:54 pm 1259960058
CouponAddict: I usually have to fill the form out nearly every year, but it is very easy! When I use Turbo Tax, is just asks about each individual donation by date and as long as it isn't over a certain dollar amount you can just use the thrift store value. Of course, Turbo Tax fills out the form for me! I wonder if you would get more for the dress on craiglist?
December 6th, 2009 at 04:39 am 1260074346
I listed a brand new never used Dell printer on Freecyle today and the young woman coming to get it is going to look through the stuff we got together today to donate to see if she needs anything (she is taking a knife set in a butcher block too!).