This Can Save You More Than Most HOT Deals - Get Your Fair Share from Uncle Sam!

[Bob61]

For those who have donated items (other than cash) to your favorite charities most typically underestimate the value of these items. Intuit and H&R Block have software that will assist you in determining value, but here's a way to save the $19.95 they charge and get more $$$ back on your tax return (the tax savings you'll realize will probably be more than 90% of the hot deals posted in the past year here).

Use these tables to get a fair market value for your donated items. Be sure to take the maximum deduction you are allowed (key word is "allowed").


- Valuation Guide for Items Donated to The Salvation Army
- Another Guide for Donated Items - A Few More Items Included
- Guide provided by Goodwill

Other useful links:
- IRS Publication 561 - Determining The Value of Donated Property
- IRS Publication 526 - Charitable Contributions
- IRS Requirements - Record Keeping for Donations
- US News Article on Chartible Donations
- PC Magazine Article on "Itdeductible" from March 2001
- More details on record keeping for non-cash donations

Interesting online "quiz" to see how well you can value your items:
- Compare your estimates to the "experts"

 

[ChrisCramer247]

Good Post thanks!

 

[EDiT]

Good info in time for taxes. Now if only my darn employer would get me my forms so I can get my fat refund check!

 

[Yossarian]

B-E
A-G-G
R-E-S-S-I-V-E

Be aggressive! Deduct till it hurts!

 

[rml]

great post!

 

[Agaricus]

All income tax deductions are gratefully accepted!!!

 

[coolred]

Nice deal, I am stoked about my tax return. I did some homework and have estimated my return to be over 3000.00 dollars. Considering that is about 1/3 of my earnings for the year, thats awesome. Now just gotta think if i donated anything other then money this year.

 

[AU Tiger]

Sweet! $.50 - $.95 for underwear at Goodwill

 

[Yossarian]

Originally posted by: coolred
Nice deal, I am stoked about my tax return. I did some homework and have estimated my return to be over 3000.00 dollars. Considering that is about 1/3 of my earnings for the year, thats awesome. Now just gotta think if i donated anything other then money this year.

I believe I saw you put $20 in the collection plate at church each week (no receipt required).

 

[QueHuong]

this deserves a big fat bump.

 

[Woz]

This is a very valuable thread. Thanks!

 

[sat4fun]

So what is the verdict on ItsDeductible? Since I just made a large donation to Goodwill on 12/29 I am planning on getting this software to help.

 

[VBboy]

ItsDeductible sucks! I bought it last year. It did NOT include values of donations of the following items:

Keyboard
Printer (any kind)
PDA
Laptop
Computer
Monitor

WTF!!!

 

[TechDreamer]

Go to a REAL CPA who specializes in taxes and you will not believe what they can do for you. Those retail tax places with a store front just want to suck you into a tax refund "loan".

 

[Mardeth]

I wonder if this works in Finland...

 

[JameyF]

Good deal, and thanks for the links.

You really should change the title to say "Keep your fair share from Uncle Sam" or at least "get BACK your fair share from Uncle Same".. He's not going to give me anything this year, last year, or next year. I give it to him. If you want to post how he's going to give money you didn't give to him, then you have it titled correctly. Otherwise, it's money we did own before he siezed it.

I know it's nit-picking, but there is something to be said for accuracy when it comes to dollars and cents.

 

[emaij]

Can you help me write off my flying lessons and flying time?

 

[alm99]

I think this deserves a sticky, last year I donated two couches, coffee table, so much clothing between the wife and I and other misc odds and ends. I only have documentation of some of it though

 

[RideFree]

Bob61,
Thanks & a tip'othehat!
Jim62

 

[Bob61]

After clearing out our closets this year (really - wife and I lost a lot of weight and old clothes were just too big) - I was looking to get the most from my contributions this year. This information was useful to me and glad to see others find it useful.

Just posted two additional links in the original message to IRS publications. A lot of text that appears to be well summarized in the other links, but nice to have the "official" documents too.

 

[pinoy]

i am just wondering, do you guys think that i can still donate goods to charities and claim it on my 2002 tax? i forgot about it until i saw this thread. TIA!!!

 

[NimX]

Pinoy,

Sorry but Dec 31st was the deadline. From the IRS site linked above:

When to make your deductible contributions
To qualify for a deduction in a given tax year, you must make your gift by December 31. That includes checks or properly endorsed stock certificates mailed by New Year?s Eve or a gift charged to a bank credit card by that day.

 

[geekender]

thanks mods.

 

[Aztech]

Remember that the bigger your refund is, the more you had let Uncle Sam borrow, interest free, all year long. You can adjust your witholdings for the next year by tweaking your W-4. Ask your tax man to help you out. It makes more financial sense to give up less every paycheck but only if you're disciplined about saving some money. Otherwise, keep getting your fat checks

 

[Bob61]

Originally posted by: Aztech
Remember that the bigger your refund is, the more you had let Uncle Sam borrow, interest free, all year long. You can adjust your witholdings for the next year by tweaking your W-4. Ask your tax man to help you out. It makes more financial sense to give up less every paycheck but only if you're disciplined about saving some money. Otherwise, keep getting your fat checks

This is not just for refunds. If you don't take the proper credits due you may end up writing Uncle Sam a big fat check. If it's too big a check you write you'll owe penalties too! Don't over estimate your contributions, but certainly don't under estimate them either.