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Use Spring Cleaning to Reduce Your Tax Bill with Charitable Donations

As you’re finishing cleaning out your closets and drawers this spring, you may be thinking about donating your gently-used items to charity. It’s a win-win deal for both you and the non-profit organization: with your donations, charitable groups raise money by selling your former items and the IRS lets you take a tax deduction for your contribution.

The question often arises though, “What’s the value of my donation?” Some organizations even ask you to write that value on the receipt before they give it to you.

Frequent recipients of non-cash donations such as the Salvation Army and Goodwill offer online guides to figuring the value of your gifts. Click here for the Salvation Army’s value guide and here for Goodwill’s.

The items at the low end of the value range are those that can be classified “good.” Per IRS regulations, anything rated lower than “good” cannot be claimed as tax deductible. For tips on how to make sure you’re getting the deductions you’re entitled to from charitable gifts, check out one of our other blogs on the subject.

If you need a CPA to help find the deductions you’re eligible for and to what extent, Patrick and Raines’ trusted professionals can. Contact us for a tax planning appointment at Office@CPAsite.com or 904-396-5400. Happy tax-reducing cleaning!

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Frequently Asked Questions

Q.

Are there any benefits to filing early? And what happens if I file after the deadline?

A.

Filing before April can make your tax refund come back faster, but filing too close to the deadline could cost you money.

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