Taxes Got You Stressed? Start Maximizing Next Year’s Deductions!

Tax season can be stressful for anyone. If you’re feeling the pinch on Tax Day, now’s a good time to think about ways to help maximize next year’s deductions.

One way to do this is by donating to a 501(c)(3) designated organization, like Ohio Valley Goodwill! 

Donate to Goodwill and Make a Difference

Donating to Goodwill feels good, and it helps make a difference in your community through meaningful job training and employment opportunities for individuals with disabilities and veterans.

But did you know that donating to Goodwill may also help you reduce your tax bill?

As an incentive for donating to qualified organizations, the IRS allows deductions of charitable donations (both money and goods) to qualified organizations to lower your taxable income.

When it comes to charitable donations of gently used clothing, household goods, vehicles, and other items, the IRS allows you to deduct the Fair Market Value of each item. This takes into account the quality of the item when new and its current age.

Ohio Valley Goodwill can accept donations from our list of approved items in any condition, but the IRS requires an item to be in good condition or better to take a deduction. When you donate to Goodwill, we can provide a Fair Market Value sheet that you can use as a guide to determine the value of your items. The assessment of donation value for tax purposes is the responsibility of the donor.

Ask for a Receipt When You Donate!

To help you document the value of your donation(s), Ohio Valley Goodwill can provide a donation receipt. We suggest making an itemized list if you plan to claim a tax benefit. Thank you, as always, for your donation support!

If you have any questions regarding a tax benefit, ask a tax professional, visit the IRS website, or call 1-800-829-1040.