Last-minute tax deductions create donation surge

JACKSON, Tenn. — As 2016 comes to a close, many are wrapping up those last-minute donations.

“The last week of the year, we typically see a surge in the number of donations that we receive,” Goodwill Area Hiring Manager Tiffany Dodd said. “Usually it’s about a 50 percent rise over the rest of the year.”

Goodwill said they see more donations this week than any other time of the year, and for many this is a last-minute tax deduction.

“It’s best to make an itemized list of all their donations as well as an estimate on the value of the item,” Dodd said. “It’s up to the donor to estimate the value.”

As the New Year draws closer, many are also working on their finances.

“Especially in November and December, we have groups looking at their group retirement plans, because group retirement plans would be a 401(k), 403(b) or 457 — those contributions have to be made in the calendar year,” financial adviser Brad Little said.

Little says to have both types of IRA accounts if you can. That way, when the time comes, you have more options for your taxes.

You have until April 2017 or until you file your 2016 tax return to donate into your IRA for this year.

“So one of the things that you can do is you can start saving up for that,” Little said. “A lot of folks may not have the money right now, but the good news is you have several months before you have to make that contribution.”

If you are looking to make a tax-deductible donation before the end of the year, here are a few local organizations and what they are looking for.

RIFA

Food Bank:
ravioli
mac n’ cheese
dry pasta
fruit cocktail
pears
baked beans
yams
dry beans
flour
Soup Kitchen:
Kitchen & bathroom cleaner
lemonade
coffee
heavy aluminum foil
cheese
forks
coffee creamer
alfredo sauce
Rotel tomatoes
cooking spray
spaghetti sauce
bathroom tissue
your prayers

Relief Services:
toothpaste & toothbrushes
razors
shampoo
conditioner
soap
deodorant
diapers
Snack Backpack:
Pop-Tarts
Ramen Noodles (chicken or beef)
Cheddar Cheese Ramen Noodles
Ravioli (single serve with pop-tops)
Microwave Popcorn
Apple Sauce with foil lids
Oatmeal (single serve packs)
Chicken Noodle Soup (with pop-tops)
Thrift Store:
Linens, furniture in good condition, sofas, plus size mens and womens clothing, household items (tupperware, kitchen items, etc), mens blue jeans, boys clothing, bed sheets (all sizes), toiletries: toilet paper and paper towels, hygiene items

Habitat for Humanity

Accepting donations through Wednesday, Dec. 28
Furniture
Antiques
Appliances
Plumbing Fixtures
Building Materials
Kitchen and Bath Cabinets
Area Rugs, looring, and Carpet
Doors and Windows
Home Accesories
Hardware
Lighting and Electrical
Landscape Items
Outdoor Living
Roofing
Tile, Marble, and Stone
Trim and Modeling
Unique and Vintage Items

Goodwill

Vehicles—We are now accepting donations of vehicles in all conditions. Learn more and fill out a vehicle donation form on our Vehicle Donation Page to get started.
Personal computers—hard drive/tower, monitor, mouse, keyboard and printer (please erase personal data before donating). Goodwill is a part of Dell Reconnect, a program that makes getting rid of old technology easy and free. Simply pack your old computer equipment into the car with other household donations and drop it off at a participating Goodwill location where the trained staff will inspect each item and determine whether to reuse, refurbish, or recycle it.

Flat-panel monitor HDTVs only (with the exception of rear-projection HDTVs)
Clothing, shoes and boots
Jewelry
Hats, gloves, mittens and scarves
Books, records, compact disks, video tapes and DVDs
Games, toys and sports equipment
Housewares: dishes, glassware, kitchen utensils, lamps and small appliances
Collectibles, antiques, knickknacks and other giftwaredescribe the image
Hand tools and small power tools
Domestics: linens, curtains, blankets, etc.
Electronics: Stereos, radios, VCRs, DVD players, etc.
Furniture: dressers, tables, sofas, bed frames, (except waterbed frames) etc.
Other large items
To help you determine your donation’s fair market value, Goodwill is happy to provide a “Value Guide” that offers average prices in our stores for items in good condition.