Tuesday, June 7, 2011

Spring Cleaning! Tax Donation Valuation Guide Worksheet! -

Now everyone is closing up shop after Memorial Day Yard Sales its time to donate all your junk (hey another man's treasure) to the charity of your choice. I'm a Deseret Industries donating gal myself. However, I do love the convenience of the pick up services of other charities.

But... did you know that you only can deduct around $500 on your taxes w/out receipts of donations but you can deduct up to much more if you keep good records? You'd be surprised at what your old clothes are valued at.

Here is a LINK to a Salvation Army based Valuation Guide for your donated goods. For each donation drop you do you'll want to record each item in this spreadsheet and then either print it and staple it to your donation slip or save it in a tax year folder on your computer. I have a folder in my documents that is labeled TAX. Within it I have folders dated by year. If I have anything that I need to save for taxes whether in the past or in the future they go in here. I also have hanging files labeled TAXES also with files labeled by year behind.

When it comes time for taxes, you will have less of a headache if you can stay organized through the year. Also, save more money on your taxes. Let me know how this worksheet works for you.

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