THE FINANCIAL CONNECTION


Our necessary community services,
as well as our mission of alleviating the suffering of afflicted children are supported by Donations.

Donations Are Charitable and Tax-Deductible.
Accepted and approved by the Internal Revenue Service,
as an income tax-deductible donation to our approved charity

Good Samaritan Charities.


Tax breaks for donated goods.


If I donate non-cash items such as used clothing or household goods to Chevaliers de Notre Dame which is an approved charity, is that deductible? How do I value the items?
-Steve Haroldsen, Holbrook, New York


Answer:
Our attics, basements and garages are bulging with items we never intend to use again or never used in the first place. Donating your unwanted vehicles, computers, software applications, furniture, clothes, appliances, books, etc., is a great way to remove the clutter in your life, receive a nice tax break and, even more important, help a child in need.

To get the tax deduction you need to file an itemized return. If your combined donations are greater than $500, you need to file IRS Tax Form 8283.

The trick is knowing what value to give your unwanted items. That couch you bought six years ago for $700 isn't worth $700 today. But what is a fair value that won't be challenged by the IRS? That's where charitable donations can get confusing.

Our suggestion is to check out Deductible software from Intuit. It helps you assign a reasonable value to your charitable donations. If you find more than $500 in deductions, the program automatically creates Form 8283 for you.

The software also walks you through other possible deductions you may be overlooking. If you don't save at least $300 on your tax return using its Deductible, you can ask for a 100 percent refund. So you've got nothing to lose, and valuable charitable deductions to gain, by turning your useless clutter into valuable cash. Both you and the children we have the priviledge to serve will benefit from your kindness. And trust us, every little bit assists us in providing much needed treatments, medications and services to those we have the privilege to serve.


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