Comments on: Your Mission This Weekend: Get Those Last Minute Tax Deductions! https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/ Money | Minimalism | Mohawks Tue, 28 Feb 2012 19:59:53 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: J. Money https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81437 Mon, 02 Jan 2012 16:42:38 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81437 HAH! I can totally see people trying to give you stuff all the time :) I’ve taken a break from my super wannabe minimalist ways, but my mindset is def. still there. The worst is around Christmas/Bday when you get tons of presents that doesnt help out w/ the whole style… though it is fun to open them and wonder what’s inside :) I think I’m gonna ask people to donate somewhere on my behalf, or pitch in for 1 really cool thing or something next year. We’ll see though. Great job w/ all your donation skills!

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By: Brian https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81351 Sun, 01 Jan 2012 21:14:00 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81351 1 – Heck yeah! I took on a minimalist approach early this year, so there’s a ton of crap that I dropped off at Goodwill, Salvation Army, and friends.

2. Everything from comic books to tools, clothes to bikes and exercise equipment. I kept receipts for the Goldwill type stuff and that was around $500 total. The stuff that went to friends was probably worth a lot more, but if they are enjoying it, it’s cool.

3. Yep, got an envelope with receipts from the drop-off locations.

4. I’m giving a 8, but just because dropping the stuff made me feel better in general. I really enjoy how limited I am in what I own now. Not sure how helpful the stuff was to Goodwill, but I sure hope so!

5. I’m eyeing a stool, rocking chair, and a microwave right now as things that could probably go to Goodwill on this year’s taxes. Funny part about being minimalist is that people want to give you stuff when they come over.

6. Tip: Save that Christmas money for putting in your IRA. If you haven’t already spent it, there’s a chance you’ll end up spending it on something you don’t really need. So put it in the IRA. Or put it back until April since you can make donations for 2011 way into 2012.

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By: J. Money https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81347 Sun, 01 Jan 2012 17:06:39 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81347 So ehmm… yeah. Did NOT go to Salvation Army this weekend -OR- even scour the house…. But in my defense, I worked my A$$ off yesterday and made more money than I would have by donating anyways ;) I think what I’ll do instead is go through each room over the next couple weeks and then donate it all for 2012.

Hopefully you got to clean out some things though! It def. feels good when you pull it off :)

@Bob – You da man! Keep knocking off that debt like no one’s business!! That’s killer, yo.
@Kathy – I like that idea of keeping a box/bag handy for stuff to trow in when it comes up. I’ve only done that like once, but I’m working on making it a habit. Makes things SOOOOOO easier, and then all you have to do is just scoop it up and drop it off! I’m gonna keep a pad of paper and pen in it too, so I can easily note everything I’m giving away nice and fast so I don’t have to recall later… better to do it right then and there and be down w/ it. Happy new year to you too, friend! It’s gonna be a GREAT one :)
@Weirdo – AWESOME! You are doing freakin’ AMAZING!! Very inspiring my friend, that is just wonderful :) I like that you say “plant a bigger seed,” hehe… amen to that.
@Amanda Bee – Well from this point forward you better start getting those receipts! It all adds up! :) RE: Your question w/ the bed — It depends. The cons are you have to spend the time and energy trying to sell it, and you might not even be able to, but then ofcourse you’d get more money that route than with donating it. On the flip side, donating it can possibly help the less fortunate AND give you a little back AND not waste any time. Just really depends on whta’s more important to you – no right answer :) You can always try selling it first, like on Craigslist for 1 week, and then if no takers go and donate it? I do that sometimes with big stuff. Let us know what ends up happening!
@Fawn – Awww, well I’m glad you’re spirits are so high! That’s wonderful :) Happy new year indeed, my friend. enjoy the blue skies and beaches while we’re out in the cold east coast! Haha…
@Nicole – What an excellent way to help out!! I love it! Esp those wedding favors that no one really ever cares ofr anyways — GREAT idea :) I’m gonna go check out the site after I post this, I’m so sorry for your loss but SO GLAD you’re *doing* something about it. Keep up the wonderful acts!!
@Dannielle @ Odd Cents – Haha, I say that all th time!! This entire year I worked my tail off, and the one thing I noticed more than usual was that I was hardly ever buying anything cuz I never left my house except for Love Drop and conferences once a month! Haha… It’s def. true — if you don’t place yourself in temptation, it’s harder to lose all that money ;) Now Amazon on the other hand…

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By: Dannielle @ Odd Cents https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81287 Sat, 31 Dec 2011 15:52:30 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81287 Have you donated anything this year? Yes I did.
What kinda stuff? (How much worth, in total?) – Lots and lots of clothes and shoes that were just taking up space in the closet. Maybe USD $200 or so..
DID YOU REMEMBER TO KEEP YOUR RECEIPTS? Of course.. I staple ALL of my receipts into a diary on the corresponding date.
On a scale from 1-10, how impressed with yourself (or not) are you? (10 = incredible) Maybe 7… I think I could have done a lot better tho… Cheers to 2012?
Do you have the energy to clean your entire house right now and do some last-minute donations? Entire house? I don’t even have the energy to clean my room. lol.
*BONUS* What’s a last-minute tip YOU have for getting some tax breaks this year? Stay at home and avoid all stores – you won’t have to pay any sales taxes because you’re not buying anything. (I know that this is not what you meant but…)

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By: Nicole https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81285 Sat, 31 Dec 2011 14:41:02 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81285 Have you donated anything this year? Yes

What kinda stuff? (How much worth, in total?) LOTS of clothes. A few household items (dishes, glasses, etc). Kind of upset because we threw out an old mattress and then learned a week later that a charity furniture bank would have picked it up. We also made cash donations. I can never seem to say no to St Judes, Disabled American Veterans and March of Dimes when they said mail solicitations. We also made a large donation to Mission4Maureen. Maureen was my husbands sister who died of brain cancer at age 34, leaving 3 little kids behind. M4M helps brain cancer patients pay their mortgage, utilities, medical bills etc., since most lose their jobs because of the grueling treatment. When we got married in September, instead of favors, everyone had a picture of Maureen at their place setting with a note that we were making a donation to M4M in her honor instead of favors. It was hit. People were so happy we included Maureen in our day that way.
All in all, we probably gave about $800 in cash donations, and probably a dozen or so bags of clothes and household goods.

DID YOU REMEMBER TO KEEP YOUR RECEIPTS? Yes, I keep them all. Now, i just have to find them.

On a scale from 1-10, how impressed with yourself (or not) are you? (10 = incredible) 7 maybe

Do you have the energy to clean your entire house right now and do some last-minute donations? I’m 11 weeks pregnant. I don’t have energy for anything.

*BONUS* What’s a last-minute tip YOU have for getting some tax breaks this year?
I encourage everyone to make a donation to Mission4Maureen. Brain cancer is a very overlooked disease. It is very rare, but its prognosis is extremely grim. No major advances in survival rates have been made in over 100 years. There are no warning signs, no risk factors, no screening, no way to prevent it. Someone with the same diagnosis as Maureen (glioblastoma multiforme) has only a 5% chance of surviving 5 years. Most charities raise money for research, which is VERY important, but M4M helps patients NOW! They are truly one of a kind, we’ve helped people in over 42 states, and we even help St. Judes’ patients. We have stopped evictions and foreclosures, and have helped people with travel expenses to get treatment. People are fighting for their life, they shouldn’t have to also fight to keep their home. http://www.mission4maureen.org I am on the board of directors and am VERY proud of what we do.

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By: Fawn https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81269 Sat, 31 Dec 2011 02:23:28 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81269 The only sad thing is I live in Los Angeles and am a real estate investor so my portfolio is so upside down, I’m over the limit in deductions :). But every day when I walk along the water and look at the beautiful clear blue skies, I’m reminded why I still live here. So maybe in a couple years the market will come back and I’ll be able to start scouring the house and office for deductions :). Happy New Year!

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By: Amanda Bee https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81259 Fri, 30 Dec 2011 22:42:40 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81259 Nasty confession: I ALWAYS donate my stuff, but I’ve NEVER gotten a receipt. I just assumed they wouldn’t value my stuff very high and thusly I wouldn’t get much out of it.

*shame*

Question: If you had a choice between selling a bed that (based on the used market) you might get $75-100 for or donating, which would you do? Cash would be nice but would the tax deduction for donating be higher? Hrmmm.

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By: Weirdo https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81251 Fri, 30 Dec 2011 20:56:48 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81251 1. DONATIONS. Oh yeah! In fact, my wife and I gave more this year then we have ever given before! How awesome!
2. STUFF. The bulk of our giving was monetary. We give 15% to our church (yes, we understand the tithe standard is 10%, but we want a bigger blessing, so we plant a bigger seed!), we sponsor a child in Kenya and gave to various charitable organizations. Mostly having to do with cancer research. We also donated about $700 worth of “stuff” to Goodwill.We gave a lot of our time volunteering, but that’s not monetary. Darn.
3. RECEIPTS. Of course! I’m no fool! It’s the only way Big Brother knows if you actually did what you claim.
4. HOW I FEEL. Honestly, giving myself a number rating, I would give myself an 8. I feel pretty awesome about what causes my donations went to, but I feel like I should have given just a little bit more. We pushed ourselves, but not as hard as we should have. I feel pretty good about helping rescue victims of human trafficking and the sex trade; building wells in Africa; sponsoring an overseas orphanage; helping feed people in third-world countries; making sure my child in Kenya is getting an education, food, medical treatment and skills to live a successful life. Yeah, I can feel pretty good about that.
5. LAST MINUTE DONATIONS. I really want to try to knock this out tonight and tomorrow morning. I have some left over boxes to toss this stuff in and drive it over to the Goodwill or Salvation Army.

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By: Kathy https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81241 Fri, 30 Dec 2011 19:12:54 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81241 1. Have you donated anything this year? yuppers….donate to Salvation Army (or same) all year long…keep a bag or box in the garage & when we get a call it gets put out for pick up. For church I always write a check & it goes into my church envelope & I get a total mailed to me for taxes. Occasionally I donate cash for other things & then there’s no way to use for taxes…oh well.

2. What kinda stuff? (How much worth, in total?) all different kinds of stuff….clothes, craft stuff, misc office things, kitchen items, etc. I don’t know the total amount…gets split between a couple members of my household.

3 DID YOU REMEMBER TO KEEP YOUR RECEIPTS? yup…always.

4 On a scale from 1-10, how impressed with yourself (or not) are you? (10 = incredible) this year; about a 5

5 Do you have the energy to clean your entire house right now and do some last-minute donations? I started last night! I don’t know if I’ll get it to the Sal Army by tomorrow, but I WILL try.

6 *BONUS* What’s a last-minute tip YOU have for getting some tax breaks this year? nothing I can think of off hand.

Happy New Year!

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By: Bob https://eliteedgemoney.com/how-to-get-last-minute-tax-deductions/#comment-81233 Fri, 30 Dec 2011 18:19:59 +0000 https://staging.eliteedgemoney.com/?p=20133#comment-81233 * I also recommend spell checking before clicking Submit ;)

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