We are so excited to announce that Do Good Co. is a registered charity on Amazon Smile. Remember, always start at smile.amazon.com and Amazon will donate 0.5% of the price of your eligible AmazonSmile purchases.
Clothing & Furniture
Do Good Co. accepts donations from retailers and individuals. We accept designer, new and vintage men's, women's and children's apparel and accessories that are clean and in excellent condition. We also accept unique home accessories and furniture that are new or in mint condition.
BRANDS WE LOVE:
Apparel donations are accepted during business hours; Wednesday through Saturday from 11am-7pm and Sunday from 12pm-5pm. To donate large items or furniture, please contact email@example.com with images to schedule a time.
Tax Deduction for
If you itemize deductions on your federal tax return, you may be entitled to claim a charitable deduction for your donations. According to the Internal Revenue Service (IRS), a taxpayer can deduct the fair market value of clothing, household goods, used furniture, shoes, books and so forth. Fair market value is the price a willing buyer would pay for them. Value usually depends on the condition of the item. By law, a charity cannot tell you what your donated items are worth. This is something you must do yourself. To assess "fair market value" for your donations:
Consult a local tax advisor who should be familiar with market values in your region
Review the following tax guides available from the IRS
Determining the Value of Donated Property — defines "fair market value" and helps donors and appraisers determine the value of property given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return. (Publication 561)
To help you determine your donations fair market value, we are happy to provide a valuation guide that offers average prices in our stores for items in good condition.
Charitable Contributions — explains which organizations are qualified to receive deductible charitable contributions, the types of contributions you can deduct, how much you can deduct, what records to keep, and how to report charitable contributions (Publication 526)
Noncash Charitable Contributions — applies to deduction claims totaling more than $500 for all contributed items. If a donor is claiming over $5,000 in contribution value, there is a section labeled “Donee Acknowledgement” in Section B, Part IV of Internal Revenue Service (IRS) Form 8283 that must be completed. The form and instructions are available on the IRS site and can be accessed through this link, IRS Tax Forms. We must verify that the donation receipts match the completed form and fill in the date of donation/s in this section. In addition, Do Good Co.’s name (Do Good 4 Co), store address and identification number (82-0620752) must be completed.
IRS Links for Forms and Instructions — IRS Tax Forms Form 8283 is used to report information about noncash charitable contributions. Form 8282 is used to report information to the IRS and donors about dispositions of certain charitable deduction property made within 3 years after the donor contributed the property.
We are happy offer a receipt for you to complete for your donation at the time of donation, unless otherwise agreed upon.
Tax Deductions for Companies
Businesses can earn a federal income tax deduction under Section 170 ( e )(3) of the U.S. Internal Revenue Code.
The IRS Code says that regular C corporations may deduct the cost of the inventory donated, plus half the difference between cost and fair market value.
If you’re an S corporation, partnership, LLC or sole proprietorship, you qualify for a straight cost deduction.”
Corporate donors can contact firstname.lastname@example.org for questions and to set up their tax-deductible donation.