Some things are inevitable. Taxes are one of those things, and tax season is right around the corner!
If you were hoping to make a charitable donation this year, time is running out, and so is your chance to cash in on a potential tax deduction. Here’s how donating to Goodwill before the holidays can help.
The IRS allows you to deduct from your taxes any gift made to a qualifying organization. That includes both cash gifts and property, like household items, clothing, even donated cars! When completing your taxes for the year, you can deduct the fair market value of any gifts made in the taxable year.
You’ll need to have proof of your charitable donation in order to claim the deduction on your taxes. Generally, this consists of a receipt or bank record if you’ve made a cash donation. Keep a copy of a canceled check or credit card statement, or even a receipt provided by the organization that received your gift.
When you donate to Goodwill, whether it’s a cash gift or property donation like household goods or vehicles, you’ll receive a receipt for your records. Be sure to keep your receipts with your tax documentation if you plan to claim the gift for a tax deduction.
There are many ways to give to Goodwill — some you might not have even considered! Beyond the well-known ways to give such as donating household items, clothing, and cash, you can support Goodwill’s mission through legacy giving, corporate gifts, or even by donating a vehicle!
These options also come with tax benefits, so it’s important to discuss with your tax professional how you can maximize community impact and boost your tax benefit.
Most importantly, when you give to Ohio Valley Goodwill, you help individuals with disabilities, our nation’s veterans, and others in your community find personal fulfillment through the power of work. Ohio Valley Goodwill’s vocational services change thousands of lives each year and create sustainable change where we live. We couldn’t do this important work without you!
There’s no need to wait until the end of the year to donate to Goodwill in Cincinnati and change lives in your community. We gladly accept donations year-round, including car donations in Cincinnati — and we make it fast and easy to donate! Find a donation center near you and get a head start on your holiday giving.