1. Less clutter now, tax-deduction later! Today’s MoneyMondays Tip.

    Doing some spring cleaning? Donate your unused items to local charities for less clutter now and a tax-deduction later!

    If you’re like me, sometimes I get so annoyed with closet clutter that I want to throw everything out just to get it out of my way. But, I must say, I try my best to avoid throwing out clothes. Unless the item is completely wrecked (like that shirt I wear whenever I paint a room) it can most likely get good use at one of many local charities.

    Some charities accept donations of clothing, toys and other household items to be given to those in need, while others like the Salvation Army and Goodwill will accept items that will besold. This not only provides the organizations with funds to further their mission and community outreach, but also provides gently used goods at a low cost to the community.

    Whether the items will be given away or sold, there are usually a few common guidelines for donations:

    • Clothing donations should be washed, undamaged, and reasonably wrinkle-free.
    • Items that come in pairs (shoes, gloves, socks) should be kept together.
    • Test electrical equipment and battery-operated items.
    • Include all pieces and parts to children’s games and toys.

    When you drop off your items to the charity of your choice, be sure to ask for a receipt that will allow you to value the items you donated (for example, see the Salvation Army Donation Value Guide). If you itemize deductions on your taxes the following year, you will be able to include your donations (See IRS Publication 526: Charitable Contributions).

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  1. realeconomicimpact posted this