Retail clothing storeowners inevitably face the same situation year after year – a surplus of last season’s styles in some form or another. This is good news for the consumer, as prices on these items are typically slashed well below retail in order to make room for new products. it may make a positive impact on your bottom line by allowing your business a tax deduction, making a sizeable donation won’t only benefit the many people touched by the organization receiving your donation at the end of the year. If you’re considering making a sizeable donation, you may first would like to contact your tax advisor to discuss how the donation would impact your tax scenario.
It’s advisable to spend some time researching potential organizations before donating. There are seemingly countless organizations out there that are willing to take donations of clothing and accessory items. When choosing an organization, be sure most importantly that the organization is not-for-profit, as this ensures the potential tax-benefit of donating. It’s worthwhile to research smaller local organizations, but it perhaps easier to locate large national organizations. To meet their demands at the same level as larger organizations, These local organizations often don’t receive the level of exposure. It’s important to obtain a single point-of-contact within the organization, once you’ve selected a non-profit organization to receive your donation. It’s a good idea to provide an itemized list of the donation, including your point-of-contact at the time of the donation, wholesale value. This list won’t only help to document inventory in your records, it will also be a helpful tool for the charity to reference while incorporating the donation items into their existing product supply. Successively, ask that they provide you with a “letter of receipt”, acknowledging and referencing the value of the donation.
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