Get Tax Breaks for Your Cast Offs
We live in such an abundant world, and so many of us want to give back, but how? There are so many charitable organizations out there, and so many needs: children in need of clothing, veterans, families in need, and so many more. So what are the best charities to donate to, and what’s the best way to do so?
In 2014, giving to charities in the U.S., was more then $350 billion. That’s a lot of generosity; but it’s not just generous, it’s smart, because smart donors give to groups that are granted tax-exempt status — your giving can ultimately save you money. And remember, money isn’t the only thing charity organizations want, furniture, clothes, and textiles are equally valuable, and can help our environment.
Each year the average American throws away almost 70 pounds of linens, clothes, and other textiles. That’s 10.5 million tons of fabric going to landfills yearly, and only about 15% fibers are recycled, which is why they accounts for 5% of municipal waste.
Most household textiles and clothing, regardless of condition or quality, are recyclable. And when fabric is recycled it doesn’t go to land fills! In fact, in 2006, 2.5 billion pounds of textiles were kept out of landfills by people buying used-clothing. Almost 50% of recycled clothing is worn secondhand, giving it new life.
Most Americans donate or recycle less than 20% of their old clothes to local clothing charity organizations, but here’s a few things to think about:
- If you haven’t worn something in 6 months, and you live in a climate with little change, it’s time to let it go.
- Americans buy two times as much clothing as they did 20 years ago, at least.
- A man’s overcoat or suit is generally worth approximately a tax write-off of $60.
So You’ve Decided To Donate Your Old Clothes and Textiles — Things to Remember
When looking for charity organizations, depending on how much you have to donate, you want to find charity organizations with clothing drop off or donation pickup. Do remember, for tax purposes, any donation made to charity foundations worth more than $250 (including donations of household item and clothing), in order to write it off, you need a receipt, and if you donate any clothing or household item for which you deduct more than $500, that is in less than good used condition or better, the IRS will require an appraisal to be submitted with your return.
With All the Charitable Orginations that Want to Help You Give (and Get), Why Would You Possibly Throw Away Your Used Textiles and Clothes? Continue reading here.