HIGH POINT, N.C. - 2017 is about to come to a close.
Before the year ends, you might want to make a charitable donation.
It's a great way to help others and charitable contributions made to qualified organizations may help lower your tax bill.
If you plan on donating to Triad Goodwill, you must donate before 6:00 p.m. closing time on Sunday to receive a 2017 tax receipt.
Keep in mind the final days of the year are the busiest at donation centers.
Triad Goodwill provides drive-through donation centers for your clothing, housewares, furniture, and other unwanted items.
Volunteers and staff will help you unload your donations and hand you a receipt for your 2017 taxes.
In turn, 85 cents of every dollar earned in Triad Goodwill stores helps provide free career services for the unemployed and underemployed in the Triad area.
Before you donate to the charity of your choice, there's some things you should consider.
The IRS provides the following tips for deducting charitable contributions:
- If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. You can't deduct contributions made to specific individuals.
- To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.
- If you receive a benefit because of your contribution, such as merchandise, then you can deduct only the amount that exceeds the fair market value of the benefit received.
- Clothing and household items must generally be in good condition to be deductible.
- Get and keep the receipt regardless of the amount of the donation.