Dave: “Alvin, what are you getting me for Christmas?”
Alvin: “A great, big box.”
Dave: “Why a great, big box?”
Alvin: “So you can fill it with presents for us!”
Dave: “For you! It’s supposed to be for me!”
Who doesn’t love the Chipmunks! I think Alvin was right in one respect. We should all have a great, big box somewhere that we fill with items for others.
As we are getting ready for fall, we should pull the items out of our closet that we did not wear this spring and summer. They need to go into the box.
Most of our children’s clothes will not fit them next summer, and unless you are saving them for a sibling, they need to go into the box.
If you are planning to donate that box to charity, make an inventory of its contents. Spread the items out and take a picture of them. When you donate them be sure to get a receipt. You have fulfilled three of the requirements to use these items as a tax deduction.
To deduct those items you need to:
- Take a picture of the items.
- Donate them to a non-profit agency.
- Get a receipt from the agency.
- Record the amount you paid for each item.
- Record the fair market value of the items.
Right now, what you need to concentrate on is cleaning out closets and gathering donations.
Just get a great, big box!