Tax Tip: Donations to Non-profits
Most taxpayers loose out on their donations to Goodwill, Salvation Army etc>>Simply because the "under estimate" the cost of the items donated. For example there are "calculators" on the web to mention a few..Turbo Tax and H & R Block...if you actually list each item into their calculators and the condition they will calculate your deductions for you. Let me give you an example...you donate 10 pair of your husbands jeans..most people list the entire donation as 25.00 right...but if they are in good condition you should actually be claiming around 7.00 per pair!! The limits on deductions has been "lifted", so don't count yourself short...write it all down, enter it into one of the online calculators and get your total deduction..
One last thing on deductions, alot of people don't like to hear this, but you can claim our chuch tithes as a tax deduction also. Churches are nonprofit and most churches now issue end of the year statements for taxpayers to claim if they wish on their taxes..
Until next time...