Itemize Tax Deductions and Pay Less Taxes!

The following Everyday Savings Tip comes from, Cheryl:

Do you itemize your donations? Do you donate to places that give receipts? Those bags of outgrown clothing and barely used household items can be several thousand dollars in tax deductions!

I have used ItsDeductible.com for several years now to itemize my donations for free. You enter the quantity of the item and the program keeps track of the fair market value for your donations. Before using this program, I would estimate a bulk total for my bags of clothing and other items that I donate for the year. I would estimate three to five hundred.

Last year, the fair market value total for my deductions was $2,436! Make sure you donate to a charity that gives receipts, attach the receipt to a print-out of your itemized donation,and file these with your tax records. To receive the tax deduction, record the total of your donations on line 17 of Schedule A.


How do you ensure you are maximizing your taxable benefits?
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by Savings Lifestyle: Andrea on March 12, 2012

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