Snowflaking
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Snowflaking
| Thu, 04-30-2009 - 7:10pm |
I love the idea of snowflaking and am looking for things around the house we can get rid of. However, I’m wondering if it would be better to donate things to charity. When I have used tools such as Deduction Pro, the amount they say I can deduct for an item is a lot more than I can make selling it (I understand I only get a portion of that for the tax deduction). As an example (just making this one up, I would need to check the real numbers), I can sell a hardcover book on Craigslist for $1-2 but deduct $12 if I donate it.

We donate a lot because where we live yard sales don't do well because it is back street. Only time we do good is when the whole neighborhood has one together.
If you are in that big of a tax bracket then what
We are in the same bracket and I agree that donating might make a lot more sense.
Just be careful with deductions.
Marie: Deduction Pro and It's Deductible are free software that come with Turbo Tax/ Tax Cut CDs (or at least it did a couple years ago when I got). I'm sure you could find them online free or for a low price--google it. I will need an update as well. The software has
I went back and checked and I was way off on the $12 estimate for the book. The most was like $4.95 which makes me feel better about the system. It's also nice bc you enter in your income level and it tells you your estimated tax savings so I can better gauge if it's worth the effort to sell it. Thanks.
I found these two other links if anyone is interested:
http://thefinancebuff.com/2009/01/itsdeductible-vs-deductionpro-for-valuing-donations.html
http://www.valueyourmoney.org/savvyconsumer/gsale52008.asp