There are tons of possible deductions, and many go overlooked by those doing their own taxes.
Although tax season is a ways away, there is no “best” time of the year to donate. Knowing that you can deduct donations from your taxes is powerful knowledge.
When you’re spring cleaning this year, rather than give your used items away or having a garage sale, consider donating them to a charity. There are many to choose from that take clothes, tools, furniture and other household items. Only items in good condition should be donated (no gutted television sets!). Then, when you take the charitable donation write-off on your taxes, use each item’s fair market value. If the value of your donation is more than $500, then you must file Form 8283, Noncash Charitable Contributions.
Howard has consulted and has acted as controller with such notable companies as Tiger Air, House of Fabrics, Johnny Rockets, Authentic Fitness (Speedo), Uncle Milton’s Ant Farms and Lucky Brand Jeans.
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Howard Dagley, CPA
23560 Lyons Avenue, Ste 224
Santa Clarita, CA 91321
(661) 255-8627
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