With the holidays come many opportunities to make contributions to various charitable organizations. Millions of individuals are often left without the comforts that many of us enjoy, and the holidays can be a particularly trying time for those in need.
So, open up your dresser drawers, closets, garage, and storage unit. Dust off some items like the following, and you should be able to deduct your donations of them to a qualified charity.
- Clothing, i.e. shirts, shorts, jeans, dresses, blouses, hats, sweaters, jackets, shoes, socks, jewelry, wristwatches
- Toys, i.e. stuffed animals, action figures, board games, video games, playing cards, Legos, skateboards, basketballs, pool rafts, coloring books
- Electronics in working condition, i.e. computers, tablets, VCRs, DVD players, CD players, record players, MP3 players, TVs, radios
- Vehicles, i.e. cars, trucks, vans, SUVs, boats, scooters, bicycles
- Appliances that are usable, i.e. blenders, toasters, microwaves, pots, pans, utensils, cups, plates, vacuums, dust busters, fans, flashlights
- Furniture, i.e. tables, desks, sofas, chairs, stools, recliners, dressers, cabinets, entertainment centers, lamps, lighting fixtures
- Collectibles, i.e. figurines, ornaments, decorations, photographs, baseball cards
Remember that when you make a contribution to a qualified charitable organization, you must obtain either a receipt or some type of handwritten acknowledgement. This documentation should list the fair market value of each item you donate.
In order to deduct charitable donations, you must also itemize your deductions on your tax return rather than claiming the standard deduction.
When you team up with the accounting experts at 1-800Accountant, you’ll learn plenty of other ways you can reduce your tax liability through valuable deductions. Call 1-800-222-6868, or go to www.1-800Accountant for further information.