A turkey? Or 39 pair of shoes?
There is still a Thanksgiving turkey in my freezer, ready to donate to local food bank. Even though I don't like turkey, I bought it in a moment of "It's so cheap I have to buy it" and haven't found good occasion to roast it.
We have houses and offices full of the results of similar lapses in logical shopping choices in addition to the things we just no longer need or use. Unless they are in demand, it's usually better financially for you to donate them and take a tax deduction rather than try to sell or auction. Ebay takes more effort than people expect and auction houses are looking for uncommon items. Check out Kamelot Auction's current catalog to see what's selling this month.
And if you don't have a spare turkey, how about some of the
Turkey aside, it's time to gather your tax information.
Most of it should be safely stored in the For the Accountant tax file you keep. That's where you tossed your property tax receipts, pay check summaries, and donation receipts. Email Mastery or call if you need help gathering your information; it's a common problem with easy solutions. (215.460.6173)
Organizations that accept financial gifts will send you a receipt for your donation amount, but those that take donations of clothing, household items and other tangible good do not define how much you can deduct from your taxable income. People often ask how to figure out fair values for what they donated.
Click here for Goodwill's 2014 estimates of donation values.
Click here for the IRS rules regarding donations.
While you're reviewing the receipts, note who you donated money to and how they spend your donation. If they're spending it on creating expensive marketing mailings, then consider donating somewhere else. A recent workshop guest offered this group as a good way to choose efficient charities: Charity Navigator
And finally, it's time to review the rest of your financial picture. Mckenzie Frankel, Entrust Financial, is happy to help. Begin the conversation with her at 610.687.3515 or Mckenzie@EntrustFinancial.com.