Each year we drop off items to Goodwill, The Salvation Army, or another charitable organization.
When they ask if you want a receipt? Sure, I’ll take it and count it off on my taxes! But, do you and do you do it correctly?
How to Get a Tax Deduction From Your Donation
I’m always learning something new about taxes. This year I learned from our tax guru, John Kristianson, about how to properly get your deduction from donations.
1) In order to quality, you’ll need to meet the minimum amount in order itemize your taxes.
2) Make sure you take a picture of the items you give. Seriously, I heard about a guy who was being audited and they were questioning if he really gave. He had pictures, so that ended the discussion with the IRS.
3) Get a receipt and number count for the items.
5) Add them up and turn it into your tax professional or perhaps you do it yourself on Turbo Tax?
Giving to organizations like Goodwill and The Salvation Army most importantly help your immediate community and provide jobs for those re-entering the workforce.
The Goodwill of Southern California received 4 Stars from Charity Navigator! Less than 1% of non-profits receive this high of rating and 92% of their profits and contributions directly towards people and services.
Need to find a store? Goodwill Location Finder
What is the most unique item you’ve given or purchased at a Goodwill type store?
Photo Credit: Retailmania