Taxes

Your Used Clothing Can Save You Hundreds Of Dollars In Taxes

Posted: 2/18/2011

Valuing your donations can be difficult; the 2010 Money Book can show you how to increase your 2010 tax refund by $250 and reduce your tax liability.

(NAPSI) - It’s a typical scene: You’ve cleaned out a closet or your garage and have a box full of items you no longer want. You’d rather give it to charity than send it to the landfill or have a time-consuming garage sale.

You know you can deduct the value of the items on your tax return when you itemize, but how can you determine the value?

Valuing donations can be difficult because by law donors are responsible for obtaining the current fair market value of their donated items as specified in the IRS guidelines. Unfortunately, most people have no idea what their donations are worth.

Where To Find Out

To help, William R. Lewis, CPA, of Certified Used Clothing Values, Inc., developed an 84-page booklet titled “Money—For Your Used Clothing.” It lists values for more than 1,200 items of clothing and household goods commonly donated to charity. The values come from annual surveys of consignment and thrift stores throughout the United States, conforming to new IRS requirements for valuing donated items.

The only source on the market that complies with the new IRS guidelines, the booklet explains seven simple steps for documenting donations and tells how to receive a tax windfall without waiting to file a tax return.

It also addresses recent IRS tax law changes that affect charitable deductions.

Guaranteed Savings

According to Lewis, taxpayers who itemize can save at least $250 on their income tax return. For your peace of mind and audit protection, he guarantees that the values published in the booklet comply with IRS guidelines and his company will pay any interest and penalties if the IRS disallows the deduction, provided the booklet is properly registered.

Learn More

You can learn more and order the booklet at www.2010moneybook.com or (866) 417-7678.