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Charity Donors Can Make the Most of Year-end Giving
Now through December 31 is the perfect opportunity to receive last minute tax
breaks when you donate to charity.
Whether you donate gently used 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. Goodwill’s
website at
www.goodwill-colosprings.org can help donors estimate the value of many
household goods. For general guidelines, visit
www.irs.gov.
Be certain your donations are benefiting you and the charity 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.
DONATION DO’S
- Separate clothing from household items in boxes or bags.
- Wash or dry-clean clothing. Keep shoes paired by using a rubber band.
- Wrap breakables in newspaper and place in boxes.
- Test electrical equipment (wrap cords around items) and battery-operated
items.
- Include all pieces and parts to children’s games and toys.
- If donating a vehicle, include clear title and keys.
- Clean computer hard drives of personal and business information and include
the operating system. Pentium II or newer versions accepted.
- Postmark or hand-deliver all financial contributions by December 31.
DONATION DO NOTS
- 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 90% of Goodwill’s revenue is channeled into programs and
services.
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