Monday, April 8, 2013

Keeping Track of Donations

Did you check out my guest post over at Mail4Rosey?  If you'd like to get the most mileage out of your girls clothes, you should head over there to check it out, and then come right back here.


About six weeks ago I wrote a post about some bargains I found at my local thrift store (you can read about it HERE).

I don't just buy from the thrift store, I also donate our unwanted clothing, toys, housewares, etc...

I promised to share how I keep track of what I donate for tax purposes and here I am six weeks later finally remembering to get to it.  Better late than never, right.  And it's still before tax day so hopefully this post can help you, if not this tax season, maybe next.

Whenever I go through the kids' closets or come upon something we don't use or need anymore, I set it aside to sell or donate.  Things that are worth more, I'll try to sell on craigslist, or save up for a yard sale. Since we had a great yard sale last year (you can read about that HERE) and got rid of lots of stuff that had been accumulating for years, I don't plan on having one this year.  Instead I'm donating most stuff.    But I do need to keep track of the bags and boxes full of stuff that I donate so I can deduct them from my taxes.  I like to get the maximum refund I'm entitled too.


The easiest way I've found to keep track of what I'm donating is to have a paper and pen next to my donation bag/box.  As things go in, I write down what it was.  That way when the bag is full, I take it to be donated and file my list (along with my donation receipt) in my tax file.  Then when it's time to do my taxes, I have my list of what was donated and when.  I use It's Deductible as part of Turbo Tax which estimates what each item is worth so I don't have to think about that part either.


Thanks for stopping by and best of luck on your taxes if you haven't done them yet.
Christa



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