Get to Goodwill Before 2017 Ends

If you plan to itemize your deductions on your 2017 tax return, and you have some time this weekend, consider gathering all the items you would like to give to Goodwill, the Salvation Army or AmVets and get there before the year turns into 2018.

The standard deduction is about to double and many taxpayers will no longer be itemizing on their 2018 tax return. Therefore, it makes sense to get those deductions now! Remember to get a receipt for your donation and document the items you donated (especially if they are large items and have a high Fair Market Value FMV). Take pictures with your phone, and keep in your file. Document the FMV and attach to the receipt. Donations of $5k or more require a valid appraisal.

Additionally, if you give yearly to charitable organizations, you may want to accelerate those donations for next year (2018) into this year and reap the deduction on your 2017 tax return as well. Remember that cash donations require a receipt from the organization stating the amount you contributed and validating that the contribution was made in 2017.

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