Tax Girl

Why not give a little and get a deduction? It’s near the end of the year and it’s the holiday season. If you think you’ll be itemizing for 2005 then it might be nice to give to a local charity or do some cleaning around the house and donate to goodwill to get a little extra deduction on your Schedule A. If you donate money, it’s good to use a check so that you have a record of your donation. If you donate clothes and stuff to goodwill, they usually give you a receipt that estimates the fair market value, which you would use as your deduction. If you donate more than $250 you will need a statement from the organization detailing the amount you donated and whether you received anything in return.