For summer tax planning, this article is the third of ten tips for reducing taxes.
Tip 3: Charity Donations
Summer is a good time to clear out items from your home, garage, attic, or basement. Household goods such as clothing and furniture can be donated to charity. You may take a charitable deduction on your 2017 personal tax return based on current fair market value of any donated item. Items need to be in good condition. For valuations, use an online guide or consult one of our tax professionals.