Spring Cleaning for Tax Deductions

Most of the women we know have at least a few items in their closet that are collecting dust. Salvation Army, Goodwill or your local church are all great places to donate your old apparel and you can even save yourself some money on your taxes by doing it!

Here’s how: charitable donations are tax deductible, meaning you can receive generous tax breaks for your contributions. Donations can be in the form of cash (i.e. a check to your chosen organization) or property (i.e. clothing, furniture, artwork etc. to a thrift store).

To receive a tax deduction for your gift, you have to keep a detailed record of your donations.  Make sure to get a receipt for the gift or an appraisal of its fair market value. This will not be the same as the original price you paid for the item. If you’re not sure how much your item is worth, don’t worry! Goodwill and Salvation Army both have a “Valuation Guide for Donors” that provides price ranges for items commonly sold at their stores.

Link to Goodwill’s Valuation Guide: http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf

Link to Salvation Army’s Valuation Guide: http://www.satruck.org/donation-value-guide

Happy Donating, Divas!!

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