If you choose to itemize deductions on your federal income taxes, remember that all of the extra stuff you donate to ClothingDonations.org has a deductible value. Itemize your contributions, then calculate and deduct their fair market value from your returns using a long-form 1040 and Schedule A. Cash gifts and mileage driven on behalf of a charity are also deductible, but always remember to record your contributions and get receipts for them. #LastMinuteTaxTips
Author: Jordank
Editorial Coordinator
To Itemize or Not to Itemize?
Most people take the standard deduction on their tax returns ($12,400 for single taxpayers or $24,800 for married taxpayers filing jointly), but if you have qualifying expenses that exceed those figures, you can itemize and pay less money in taxes. If your tax situation places you at the border of standard and itemized, TurboTax suggests you create fiscally “lean” and “fat” years by bundling deductible expenses into a single tax year and itemizing, and not making so many deductible investments the next. #LastMinuteTaxTips
Contribute to a Retirement Fund to Save on Taxes
Year in and year out, making a contribution to an individual retirement account (IRA) offers a substantial tax deduction that you can take up until the filing deadline. If you are under 50, you can contribute up to $6,000 to a traditional IRA for 2020, or up to $7,000 if you are 50 or older. The resulting deduction for a taxpayer in the 25% federal tax bracket can be as much as 30% of his or her total contribution, according to the Mass Mutual blog, and it’s deliverable immediately as tax savings. #LastMinuteTaxTips
Managing a Move During the Pandemic
While slowing the spread of COVID-19 has required Americans to stay at home for more than year, where their homes are is changing rapidly. Since the start of the #pandemic, millions of people have pulled up stakes and #moved permanently.
Some people lost their jobs and were forced to move to save on expenses. Others want to find more space for their new #remote offices and classrooms. And some just want to get out of congested city centers and pursue a more socially distanced lifestyle every day.
If you’re looking at a move in the near future, be forewarned that the coronavirus has (of course) complicated the process. “Every task is just a little bit harder during the pandemic,” says USA Today.
To start, you’ll have to observe the proper sanitizing, masking and distancing precautions with any number of new people, including realtors or leasing agents, movers and storage facilities, and contractors and delivery personnel. And you’ll need them to take antiviral protocols seriously, too.
Look for “companies that require employees and customers to wear masks, detail how they practice social distancing, and can explain what steps they are taking to screen and protect their employees from becoming sick,” The New York Times says.
If you are in the market for a new home, rental and real estate agents are offering video tours to help people scope things out from a distance before they commit. Google’s Street View can also offer a preview of the new neighborhood.
Moving also means packing everything you own into boxes. Whether you’re purposely #downsizing or just trying to #streamline the moving process, weed out the things you won’t need in your new home; there’s no reason to move them.
As the disused clothing, books, small appliances and other household items start to pile up, set them aside in separate boxes and bags and contact ClothingDonations.org for a free, #contactless #donation #pickup. A masked driver will arrive on the appointed day to relieve you of that extra stuff.
Moving is never easy, but moving in pandemic times is that much more difficult. Let ClothingDonations.org help you strike at least one item off your long to-do list — and help you resettle happily in a new location as the pandemic slowly recedes.
Give Yourself a Dose of Digital Minimalism
Your home may be the very picture of #minimalism after you used all of the at-home time in the last year to #declutter and #donate your extra stuff to ClothingDonations.org. But your digital life may also need a good dose of minimalism. “Distracting ourselves with videos, TV episodes and quick online reads is a poor substitute for our prepandemic plans,” StudyBreaks says. Spending less time may offer you the space to tackle long-term goals, so now’s the time to do a “digital decluttering” to make time for offline pursuits.