Donating Clothes to Goodwill - TAX WRITE OFF!

most viewed right now
 51
Video inside J Prince says a rogue DEA hitman was contracted to kill him!
31 comments
@hiphop
most viewed right now
 39
Drake- I’m Upset
317 comments
@hiphop
most viewed right now
 36
Image(s) inside The Frame on this AMAZON.com/Ninimour Model tho...
22 comments
@thotsdimesetc
most viewed right now
 25
Gillie The Kid Goes Off Talking Bout Pusha T. Vs Drake, & Quentin Miller
15 comments
@hiphop

section   (0 bx goons and 1 bystanders) Share this on Twitter   Share this on Facebook
 

Props Slaps
New replies show every 10 seconds
 8 years ago '05        #21
NomiS 2 heat pts
space
avatar space
space
$6,128 | Props total: 55 55
there always blank.. there will no big difference honestly
 8 years ago '09        #22
Gonzilla 1 heat pts
space
avatar space
space
$4,485 | Props total: 57 57
Hold up, I've never donated anything to Goodwill.



What's the process for this donate & tax write off stuff?

1. Donate Goodwill some stuff.

2. They give you a 'receipt' that has the items you gave (or apparently blank?).

3. On that 'receipt', you write what you think the donation is worth?

4. When doing your taxes, you write that same amount in the appropriate question?

5. You get a percentage of that amount, back.


Simplified, is that about right?
 8 years ago '07        #23
Bullseye 60 heat pts60
space
avatar space
space
$9,099 | Props total: 2108 2108
 JediKnight'sSon said:
I had a meeting with my accountant today, and he told me I can write off hundreds of dollars on my taxes if I donate some old clothes to Goodwill. (They dont gotta be name-brand necessarily)

I don't have any extra clothes layin around, so what I plan to do is hit up some Garage/Yard sales this week and try to buy some clothes in bulk...it should be pretty easy since it's a Recession, and n*ggas are desperate for money.
Slow down.

Figure out how much clothes you have to donate and how much tax gets written off from it. From what I remember, you have to donate loads of clothes and it still isn't even much of a tax write-off. I don't think it'll be even worth if if you have to pay for the clothes. You'd better check with them on the amount you'd have to donate in order for it to even be considered for a write-off and how much of a write-off it is in the end.
 01-15-2010, 08:52 AM         #24
Penny Hard A Wa  OP
space
space
space
$n/a | Props total:  
 coofoo said:
Before you do anything, understand that donations to something like Goodwill fall under the category of Itemized Deductions. You are able to deduct the larger of either your Itemized Deductions or the Standard Deduction (which is $5,450 if you're single in 2008) from your taxable income. If your Itemized Deductions don't exceed $5,450, then you can't claim them so think about it before you spend your money at those yard sales.
Great info, a lot of people don't know this.
New replies show every 10 seconds
Home      
  
 

 






most viewed right now
 19
Video inside BREAKING - Chi Wire: MUBU Krump (The ScoreKeeper) DEAD !
100 comments
1 day ago
@hiphop
most viewed right now
 14
#bigbreasttwitter
62 comments
1 day ago
@thotsdimesetc
most viewed right now
 13
Nicki Minaj Reveals She's Dating Eminem
133 comments
1 day ago
@hiphop
most viewed right now
 9
Video inside 1st Madden 19 details revealed
84 comments
1 day ago
@games
most viewed right now
 6
The Carter III Documentary Waynes Lawyers Didn't Want Us To See! (Addiction,bi..
60 comments
1 day ago
@hiphop
most viewed right now
 4
#HarveyWeinstein Released on Bail
32 comments
1 day ago
@movies
most viewed right now
 3
Image(s) inside Finished my 18 years of child support
270 comments
2 days ago
@wild'ish
most viewed right now
 3
Video inside May 25 - Pablo Escobar’s hitman Popeye arrested in Colombia
47 comments
1 day ago
@news
back to top
register contact Follow BX @ Twitter Follow BX @ Facebook search BX privacy