The amount you can deduct is generally the item’s fair market value (FMV). That number can vary widely, depending on the item’s age and condition. To help set FMV for various items, visit these Web sites:
• Salvation Army: www.satruck.com/ValueGuide.asp
• Turbo Tax: www.itsdeductible.com
• IRS Publication 561, Determining the Value of Donated Property, www.irs.gov/publications/p561.
Final tips: Carefully document your contributions, including any special circumstances (e.g., donated items that you never actually used). Retain a receipt from the charity.
- Small Business Tax Deduction Strategies No matches