Last year I challenged myself to get rid of 1,000 items from my home. I almost succeeded as I was just shy of 1,000 by only 150 items.
Each time I decluttered, I usually had about 5-6 bags of giveaways to donate to various organizations. I utilized the free It's Deductible software to keep track of everything I gave away. It's Deductible works with Turbo Tax in that it automatically figures out what your items are worth, totals the donation and at the end of the year downloads all of your charitable giving amounts straight to Turbo Tax.
Last year, I was especially diligent in tracking all cash and clothing donations, with date, receipt and picture, if necessary. It paid off.
I am receiving an extra $1,800.00 back in taxes thanks to all of the donations I have made. This year I hope to match last year's donation, and actually get rid of another 1,000 items (or at least try!).
If you've never kept track of the items you've given away, including cash donations, you are letting money slip away. Try It's Deductible and see the automatic savings build up. By next January, you will be glad you did!
P.S. For detailed information on how to get started, Julie at The Family CFO outlines it all here.
16 comments:
Wow that's fantastic!! I don't think we get to deduct like that in Canada.
Thanks for the software recommendation. I have always just taken the max general deduction for non-cash donations. I'm going to try this instead for 2012 and see what happens.
Awesome!! There's nothing like that here in Canada! Consider yourself lucky! ;)
Good job on the donations!
Wow, that's great! You were donating so much I'm surprised you didn't reach your 1000 item goal! Your "Decluttering Monday" has inspired me to do a bit of decluttering myself today in the kitchen!
Thanks for the GREAT tool. We do so many charitable donations during the year that I don't keep track of, maybe I will do better this year with your help!!! I am trying to declutter my scrap/sewing room today, it's a huge battle!!!
That is awesome! Nice work on the double win of decluttering & donating. :-)
That's awesome! I can't wait to figure out and share the actual dollar amount we're saving on taxes as a result of our donations. And thanks for the shout-out.
No, not available in Canada so I think we should start a protest!! Let's occupy Queen's Park!
Not sure I understand fully.
In UK we can contribute more to charities by declaring ourselves tax payers so they get an extra % gift aid.
Sft x
Wow, this is awesome!! I'm nowhere close to your goals but I want to de-clutter our house too this year and get rid of at least 366 items. You are such an inspiration!
AMAZING....I had no idea how to keep track of my donations, as I am a big declutter bug myself. I'm definitely keeping better track this year and donating 1,000 items too!!! Great post, thanks for sharing.
Amy
crazyclutterlady.blogspot.com
WOW SHARON! That is amazing!!! I have never really tracked my donations... maybe I should for this year!
Just curious, does the government take your word for it or do you need to get reciepts from the places you're given to? I've always wondered about this :)
Great job on the 850 items given away last year!
Please come declutter my home, my life, my mind...!
Well I sincerely liked reading it. This tip provided by you is very constructive for correct planning.
Polo Ralph Lauren Men's Faxon Low Sneaker
Post a Comment