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Avoid tax traps when you donate clothing and household items to charity!

October 26, 2015

Got a garage full of junk? Got closets filled with clothes you’ll never wear?

Here’s your chance to do some good and do well.

You see, you can pay less tax this year by donating clothing and household items to charities that can really use it.

And when you know how to give the right way, you can claim some nice non-cash deductions that will save you money.

So… if you want to make a bundle, start making some bundles, and read my new article titled Tax Tips: Got Junk? Donate It! Pay Less in Taxes.

NOTE: This new article deals with donations of clothing and household items only. Not cash or vehicles.

Three ways our fact-filled article can help you:

  1. You’ll learn why you need to give to “qualified” charities only. How do you decide which charity gets your clothing and household items? That’s easy. You need to donate to qualified organizations that get the IRS’s stamp of approval. Only then can you claim a charitable tax deduction. We’ll give you full details when you read the full article.
  2. We’ll explain how to figure out how much to deduct. The law says you can deduct the “fair market value” of an item. That’s “the price at which property would change hands between a willing buyer and a willing seller.” Luckily you don’t have to figure this out for yourself. You’ll find four resources you can use to determine the value of items when you read the full article.
  3. You’ll learn why good recordkeeping is so important. If one of Uncle Sam’s friendly IRS agents pays you a visit, you’ll want to produce audit-proof records. We’ll tell you exactly what you need to produce so that you avoid the traps when you read the full article.

Filed Under: Charity, Gifts, Receipts, Records, Tax Planning

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