Your days for cashing in on tax deductions for 2023 are numbered! To take advantage of tax incentives for charitable giving, your Goodwill donation should be made before the end of the calendar year.
The federal tax code is built to encourage gifts that support charitable organizations. That’s why it offers a variety of tax incentives to those who choose to do good with their resources. Here are some things to consider in order to take advantage of the incentives available to you:
As long as the charitable organization to which you’re donating is a qualifying organization, you can reap the tax benefits of any gift. That includes cash and property donations, including household items and vehicles! When you give these items to Goodwill, we’ll provide you with an itemized receipt to help you record the fair market value, which can be deducted in the taxable year of the donation.
Goodwill’s itemized receipts are a great way to keep a record of your charitable donation for tax purposes. If you’ve gifted cash, consider keeping a receipt of the transaction or a bank record. This record is necessary in the case of an audit.
Talking with a tax professional is the best way to ensure you’re maximizing your tax incentives. A reputable advisor will provide advice specific to your situation and ensure you’re prepared when tax season rolls around.
There are many ways to give to Goodwill and to help fund job skills training and employment services for individuals in our community. You can donate household items and clothing at your nearest donation center, make a cash donation, leave a legacy gift, or even support Goodwill’s mission through corporate giving.
Your gift to Goodwill does a lot of good for others, but a little tax break is nice too. Thank you for your support!