Women’s Finance Blog

‘Tis the season for charitable donations. But be sure to keep track of amounts everytime you donate to a worthwhile cause this holiday season, because many contributions are deductable. You will often get a receipt for larger donations, but do keep track of larger ones too, so that you can claim the tax deductions.

And something else many people don’t know about, you can claim deductions in the US when you donate used items, with the value based on the resale value. A good rule of thumb is to estimate it as the price it would fetch at a thrift shop or garage sale.

Filed under: Taxes, Holidays