Wednesday, April 02, 2008

Works for Me: Itemizing Goods Donated to Charity

This isn't a Greatest Hits WFMW: But with Tax Day looming, it's apropos to the season!

Did you know that Turbo Tax has a built-in program called "It's Deductible" that automatically assigns a value to each item you donated to charity? (Even if you don't do your own taxes, I bet your accountant has access to this program or a similar one.)

That's right: Before you drop your stuff off at Goodwill or put it on your doorstep for the Purple Heart Veterans ("the Purple Heart Veterinarians," I always think, since my son, a new reader, once called them!)--make a list of what you're donating and you'll be able to deduct much more than if you just know it was "3 bags of ladies' clothing." I've always estimated very conservatively on what these goods were worth, but with a detailed list in hand and the values from this program, you can know and safely deduct their actual value.

Be sure and write down the condition each item was in (Excellent or New, Very Good, Good, Fair, Poor) and the date. Staple the charity's receipt to this list and file, and you're all set!

For more Works for Me tips, visit Rocks in My Dryer.

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