LINCOLN, Neb. /Publishers Newswire/ — Taxpayers can increase their tax savings by at least $250 when they use the 2011 edition of “MONEY For Your Used Clothing.” Most people save hundreds more. Written by Certified Public Accountant William R. Lewis and Tax Auditor Connie S. Edmond of Certified Used Clothing Values, Inc., the 2011 booklet publishes values for over 1,200 used clothing and household items that comply with the new IRS guidelines, saving people hundreds of dollars on their taxes – guaranteed. “MONEY – For Your Used Clothing 2011” retails for $25 (plus shipping/handling).
“Taxpayers can use their tax savings any way they please: for new clothes to replace the ones given to charity, for a weekend vacation, to pay off bills or to add to savings,” said Lewis.
Most people have no idea what their donations are worth. You know you can deduct the value of charitable items on your tax return when you itemize, but how on earth do you determine the value? If you overstate the value, you risk an audit, penalties and interest. If you under-estimate, you pay more taxes than you should. Valuing donations is difficult because the law does not allow the charities to set values.
In fact, donors are responsible for obtaining the current fair market value of their donated items as specified in the IRS guidelines.
Donated item values are grouped in easy-to-follow categories. An example of items in “better” condition from the 2011 booklet include:
* Women’s dress $15
* Men’s suit $39.50
* Toddler’s dress shoes $8
* Boy’s jeans $8
* Girl’s shirt $6
* Maternity swim suit $17
* Bedroom set $939
* Luggage Set $60
* Baby car seat $43
* Wheel Chair $53.
“MONEY-For Your Used Clothing” explains seven simple steps for documenting donations in accordance with IRS guidelines, and tells how to receive a tax windfall without waiting to file a tax return. It also addresses recent IRS tax law changes that affect charitable deductions.
“This booklet also benefits charities because it encourages thousands of Americans to donate items they might otherwise set out at a garage sale,” said Edmond.
“Many people stuff a bunch of old clothing into bags or boxes and claim a $100 deduction, receiving maybe a few dollars in tax benefits,” Lewis said. “Those clothes could easily have been worth $3,000 if they knew the proper method for valuing their donations. The values add up very quickly!”
Techniques used in “MONEY For Your Used Clothing” are guaranteed two ways:
1. Lewis and Edmond assure that taxpayers who itemize will save at least $250 on their income tax return or their money back.
2. Certified Used Clothing Values, Inc., will pay all interest and penalties if the IRS disallows the deduction, provided the booklet is properly registered.
For more information, please visit http://www.mfyuc.com or call 866-417-7678.
Certified Used Clothing Values, Inc., established in 1990, publishes “MONEY For Your Used Clothing,” co-written by Certified Public Accountant William R. Lewis and Tax Auditor Connie S. Edmond. The annual tax guide publishes values for over 1,200 used clothing and household items that comply with the new IRS guidelines, guaranteeing that people save hundreds of dollars on their taxes.