Do you wish that you had tracked your donated items better for your last year’s tax return? If your goal this year is to give items away to maximize your charitable deductions on your tax return and clear the clutter? Here are tips on how to keep donation items organized from start to the donating of the items.
How to manage your donating items
Be sure to write a list of all the items you are donating. Describe your donated item in detail. Include information like the name of the manufacturer, the size, the type, and the color of the items.
Place donation items in bags for easy carrying (if you want).
Find a place for the donation items bags. A garage or in your trunk works nicely.
Before bringing the items, find the fair market value of each item donated and write it down next to each item on your list. Click here for more information from the IRS about how to figure out the Fair Market Value.
Then, take action. Take the items to the donation site.
Be sure to staple the charitable donation receipt to the completed donation items list.
Then file and keep the receipt and list of donation items in a tax folder for the end of the year.
Here is a list, for your convenience, to keep donation items organized.
Use this printout for each donation trip. Feel free to print out as many as you want.
By organizing your donation items and keeping a detailed list and receipts, you will be well on your way to organizing this area of your life. Let me know how you do with this process. I would love to hear from you.
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