| Long before "Cash For Clunkers" or "Cash For | | | | to work everyday. He needed at least 5 suit jackets |
| Appliances" we had Cash For Trash. Donating your | | | | and certainly couldn't afford new dress clothes. |
| unwanted things to charity is a very easy way to | | | | Carl went to the Goodwill store with his fingers |
| potentially reduce your tax liability and lead to a larger | | | | crossed. With the store attendant's assistance Carl |
| tax refund. For example, if you received a gift for | | | | was able to find enough suit jackets to meet the dress |
| Christmas this year that replaced an older item you | | | | code! His bill came to $40.00 for 5 jackets. Someone's |
| already owned, think about donating that item before | | | | charitable donation was going to make a big difference |
| discarding it. What you consider to be junk may 1) be a | | | | for Carl. |
| much needed and useful item to someone else and 2) | | | | How do I make sure I am getting the full value of my |
| be a tax deduction for you. | | | | deduction? |
| 3 great ways to benefit from your unwanted things. | | | | 1) Be sure that you get a receipt for the value of your |
| Here are the best three things you can do to get more | | | | donation. It doesn't necessarily have to be a formal |
| value out of your unneeded / unwanted stuff. | | | | document but you should get something in writing from |
| 1) Give your item to a family member or friend who | | | | the charity stating the value of the donation and the |
| you know can use it. The satisfying feeling you will | | | | date on which you donated it. |
| receive in return for helping out someone you care | | | | 2) Also note that, according to the IRS website, if the |
| about is even better than reducing your taxes. | | | | amount of a taxpayer's deduction for all non-cash |
| 2) List your items for sale on as many free or near | | | | contributions is over $500, a properly-completed Form |
| free mediums as possible. The Pennysaver, Craigslist, | | | | 8283 must be submitted with the tax return. |
| the Green Sheet, and even many newspapers offer | | | | 3) The IRS advises that in order to get credit for your |
| free advertising, within certain dollar limits. If you are | | | | charitable deduction you need to itemize your taxes. |
| simply looking to get as much money out of the item | | | | Have your tax advisor run some numbers before you |
| as possible you may find an individual or entity willing to | | | | decide whether to itemize or go with the "standard |
| pay more than the potential tax reduction value. | | | | deduction". If your deductions add up to less than what |
| 3) Give your item to a qualified charity. The IRS allows | | | | your standard deduction would be then there is no |
| you to deduct the current value of your useable and | | | | advantage to itemizing. |
| functional donation from your itemized tax return. The | | | | It is important to become familiar with all the tax |
| Salvation Army provides a thorough list of typical | | | | deductions available to you, including qualified charitable |
| donations and their monetary values on their website. | | | | donations. Arranging your financial affairs, around IRS |
| -If you have a unique item to donate and are unsure | | | | approved deductions, could give you an advantage |
| what the value should be listed as you can always | | | | when considering your overall tax liability. |
| stop by a consignment shop or auction house and ask | | | | Can you turn trash into cash without the IRS? |
| for an appraisal. You can also use online sources - see | | | | A different way of thinking about this topic is turning |
| below. | | | | someone else's trash into your cash! We've discussed |
| -Want to know if your charity is considered qualified | | | | giving your unwanted things away but is there |
| by the IRS? Use the tool listed below | | | | something you can do with the things discarded by |
| -Of course this option does bring more than a potential | | | | others? |
| tax reduction. You are helping someone in need. | | | | When I was a kid my dad would take my brothers |
| Your donation does make a difference in someone's | | | | and I to the rifle range in East Butler. After all the adults |
| life - a true story. | | | | were done target practicing my dad would send us to |
| Carl was looking for work and struggling financially. He | | | | the end of the range to dig out all the lead that had hit |
| was ecstatic to be hired as a salesman at a local | | | | the side of the hill. We filled up small buckets each |
| appliance store. Carl worked hard every day to make | | | | week. He took that lead, as well as the discarded |
| the customers and his boss happy. It eventually paid | | | | brass cartridges, and used these free raw materials to |
| off when Carl's boss promoted him into a sales | | | | mold and then reload new ammunition. He used some |
| manager position! | | | | for himself and sold the remaining ammunition to others |
| Even though Carl smiled widely and graciously thanked | | | | thus providing him cash from a bucket of lead trash. |
| the boss for the promotion he was secretly | | | | Take a walk around your house and neighborhood. Is |
| concerned about the manager's dress code. As a | | | | there trash you can turn into cash? |
| manager he would be required to wear a suit jacket | | | | |