What To Know Before Giving To A Thrift Store
Have you noticed, when making a donation to places like Goodwill, Salvation Army, etc, the donation voucher they give you is blank? Every year, we get tons of these blank slips as no one ever knows what to do with them.
When you donate stuff (called a non-cash charitable contribution in tax speak) it falls on YOU to value the items. But, how do you place a value on stuff you’re about to give away? There are actually a few acceptable options, but using “thrift store value” is the easiest.
This guide gives you a range of values for the most often donated items. So, the next time you clean out the closet, value everything up and fill out the voucher so you’ve got a solid tax deduction!
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Taxes – Bookkeeping – Accounting | Naples, FL