Advice, Preparation . . . Results™

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!

« »

What Our Clients Are Saying

I am so much more comfortable with how our finances are now being handled. Thanks for your help!
Dr. Randy T. HodgesSenior Pastor HernandoChurch of the Nazarene

Frequently Asked Questions

Q.

Should I consult a CPA if I’m starting a new business?

A.

Yes. You’ll need to discuss the best organization for your company for tax purposes as well as numerous other issues relating to operations, including pricing, inventory, payroll, liability and profit...

Read more...

Locations

4029 Atlantic Boulevard, Jacksonville, Florida 32207
6000-A Sawgrass Village Circle, Suite 1, Ponte Vedra Beach, Florida 32082

 

Copyright © 2018 Patrick & Raines CPAs, LLC.
All rights reserved. Privacy Policy | Terms of Use