L. Paul Kassouf & Co

 

60-Second Financial Advice

December 1, 2012

Overlooked Charitable Donations

 

While cash donations are crucial for the survival of charitable organizations here are a few examples of non-cash items you may have overlooked as charitable donations:

  

1. Used prescription glasses, "readers," sunglasses and eyeglass cases can be donated to organizations that redistribute to those in need.

 

2. Gently used business clothes can be donated to local shelters for job interviews and to wear to work.

 

3. Used prom dresses can be donated to organizations that redistribute them to junior high and high school girls from economically disadvantaged families.

 

4. Used vehicles can be donated and used for job training and transportation for the poor and disadvantaged.

 

Keep in mind that while non-cash donations are tax deductible you must file form 8283 if the amount of your deduction for all noncash gifts is more than $500. Appraisals and written donation receipt may be required to take a deduction, as well.

 

If you have questions about what documentation is required for non-cash donations please email us at info@kassouf.com.

 

Please feel free to forward this message along to your friends and family.

 

This newsletter is intended to provide you with general financial planning tips. If you have a specific question regarding your financial planning or tax situation please contact us.

 

For previous issues, please click here.


L. Paul Kassouf & Co, P.C.

(205) 443-2500

www.kassouf.com