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Sweep up charitable deductions

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in Small Business Tax

Spring-cleaning time around the house? Instead of tossing out perfectly usable items such as clothing and electronics, donate them to charity. Generally, you can deduct the fair market value of the donated property.

Caution: Make sure clothing and household items are in “good condition or better” (unless you have a separate appraisal for any item valued over $500). Otherwise, no write-off.

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