Good morning, savvy savers! For this weeks Wednesday Ways to Save, I just wanted to give everyone a quick reminder to start saving receipts for all of the donated food that you donate for the remained of the year! Assuming you have decided to donate food and non-perishable goods, even toiletry products, to a local food bank, federally you can request a tax receipt for up to $200.00 annually!
With so many savvy savers undergoing spring cleaning this season and clearing out pantry shelves, why not earn a few extra dollars for all of your hard-earned, couponed goods? If you decide to donate food, make sure you do so with a repetitive 401-c3 non-profit group, and kindly ask for a tax receipt! You are allowed by law to receive the Fair Market Value of your goods, at the time of donation! Most tax software programs and internet tax tools are set up to handle any donation receipts you have accumulated over the past year.
This $200.00 can pay to reimburse yourself for the fuel, paper, and ink costs which go into couponing throughout the year while helping others at the same time! Remember to also keep your receipts in a safe place for next tax season! Now I have to ask, what tax deductions do you have ready for this coming years tax season? I’d love to hear about it below!
