Tax Tips 2004 - Charitable Deductions

In 2003, many of us donated more than ever to charities. As you prepare your tax forms, consider itemizing donations on Schedule A, but follow all the rules. For example, make sure you have a letter from the charity acknowledging your donation, which details if you received something in return for that donation. As for things you donated to Goodwill and the Salvation Army,how do you value those items? Jordan Goodman is author of Everyone's Money Book. He says look to the Internet:

"Many people actually undervalue what these things are worth. There are web sites you can go to that can help though. These have a list of the values of different pieces of clothing, old refrigerators, computers and all kinds of things so you can get the maximum value for that."

Two sites Jordan likes are It's Deductible and the Salvation Army's web pages such as Salvation Army South and Salvation Army Truck.

Not meant to be a complete discussion of any tax subject. We are not responsible for any action taken based on this information, which is from reliable sources and believed to be accurate. See your tax advisor before taking any tax related actions.