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In my "8 Step Guide To Rebuilding Your Credit" I talked about raising cash to pay down debt by selling unneeded items in your home. One way to raise cash during the year is to pay less in tax. Everyone knows that charitable donations are tax deductible and you may have even written off your donations in the past. However, do you really know what your donations are worth? The Salvation Army is a great
charitable organization and helps so many people. If you are unable to use your
unneeded goods at home to reduce costs or generate cash consider donating them
to the Salvation Army. There is always someone else in need that can use those
things. Whatever charity you decide to use you will be helping someone else out
in addition to receiving deduction off of your taxes at the end of the year for
those donations. The Salvation Army was kind enough to provide this valuation
chart on their website to give you can example of the amount of money you can
expect to deduct for your donation. From the Salvation Army website: Valuation Guide for Salvation Army Donations Your continued support makes our good work possible. Your qualifying tax deductible donations are resold through our Salvation Army Thrift Stores and Salvation Army Family Stores through the country and serve to fund our Adult Rehabilitation program. The Value Guide below will assist you in determining the tax-deductible value of any items you are donating to The Salvation Army. You will see that the table includes low and high estimates of value. Please choose a value within this range that is in keeping with your item's relative age and quality. If you have questions, your local Salvation Army Thrift Store and donation center will be able to assist you. A receipt for your items may be obtained in one of three ways: 1. If you drop off a donation at a local Salvation Army Family Thrift Store
or Corps (worship and community center), the clerk or receptionist will be happy
to provide you with a receipt. |
