Helpful Hints for Year-end Donors

Preparing for tax season should not wait until after the first of the year. Now through December 31 is the perfect opportunity to receive that last minute tax break when you donate your gently used items to charity.

Whether you donate material items or make a financial gift, you should request a receipt for your donation if you plan to claim a tax deduction. The Internal Revenue Service allows a deduction for each item, but the donor determines each item’s value. Generally, an item’s value should be based on fair market value – what the item would sell for in a thrift store. For general guidelines, visit www.irs.gov (publication: http://www.irs.gov/pub/irs-pdf/p526.pdf).

Be certain your donations are benefiting your tax situation and the people who need them most by doing the following:

• Make an informed choice by giving to a charity you know and trust. Ask what percentage of the revenues generated by your donation will directly support the mission of the organization.
• Before donating an item, ask yourself if you’d give it to a relative or friend. Disposing of items charities can’t sell in stores diverts dollars from services needed in the community.
• Test electrical equipment (wrap cords around items) and battery-operated items.
• Include all pieces and parts to children’s games and toys.
• Wrap breakables in newspaper and place in boxes.
• Include a vehicle’s clear title and keys.
• Clear computer hard drives of personal and business information.
• Postmark or hand-deliver all financial contributions by December 31.
DONATION DON’TS
• Leave items unattended outside a collection center.
• Donate broken or soiled items.
• Give items that have been recalled, banned, or do not meet current safety standards. For more information, visit the Consumer Product Safety Commission (www.cpsc.gov).

Goodwill Industries accepts clothing, household items, toys, computers, financial gifts and vehicles. Donations are sold in eight retail stores throughout the Pikes Peak region to fund programs that help people become independent; over 92% of Goodwill’s revenue is channeled into its programs and services.

To find a Goodwill donation center near you, visit www.goodwill-colosprings.org or call 635-GIVE.

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