#3 Maximize your donations to charity (and also declutter)
If you calculate, giving away unwanted clothing, kitchen items, or furniture can increase your deductions while supporting a good cause. Your deduction will be based on the given item’s “fair market value”. You can estimate this value using online tools like TurboTax’s ItsDeductible tool.Â
If you are claiming a contribution of $250 or more, the organization must provide you with a written acknowledgment (consider snapping a photo of the donation for your records). Plan to provide a written evaluation for donated objects (such as art, antiques, etc.) worth more than $5,000. You may deduct cash contributions up to 60% of your adjusted gross income for the 2022 tax year.
