Donating Unused Goods Can Help Atlanta Taxpayers Save Money Next Year
If you've got some time off after Christmas, you probably want to kick back and relax, not work. But there's a reason you might want to spend your downtime doing a little post-holiday housekeeping, say Atlanta bankruptcy attorneys.
By clearing out stuff that you don't need and donating it to charity before January 1, you can save money on your taxes - and if you're really lucky, increase your tax refund.
Just because you can't afford to make a monetary donation doesn't mean you have an excuse not to give. Everyone has something they can sacrifice, whether it's that pair of shoes that always hurt your feet, a so-not-your-style sweater that your grandma knitted or a duplicate you received for Christmas. Not only will you make someone else's New Year happier, but you may benefit financially.
Just make sure to keep a list of everything you donate along with its estimated value. While you can list new items at close to their current market price, you're going to have to devalue older things. Fortunately, it's easy to get a picture of what they're worth by browsing eBay or Craigslist or checking out similar items at your local thrift stores. Then, file your list with your tax documents so there's a record of how you came up with your valuation (you know, just in case you get audited).
With just a little purging, you can lower your tax bill - and your clutter - heading into next year. Speaking of cleaning up your act, another way to improve your finances for 2011 is to finally tackle your debt. By lowering your balance, you lower your interest payments and your overall obligation. Have you been avoiding your debts because you think they're too big to handle? Bankruptcy can help you get over your fears and start freeing your finances. Find out more today with a free personal debt analysis courtesy of a professional Atlanta bankruptcy attorney with Debtstoppers.