Goodbye Shorts and T-Shirts, Hello Boots and Sweaters! 4 Ways to Save While Switching Your Wardrobe

Tax Deductions and Credits stocksy_txpaa0e8683uib100_medium_882387

It’s hard to believe it’s time for the weather to cool down and to say goodbye to shorts and tank tops. Along with the weather change comes a time when most people begin to dive in and start making room for fall clothing. According to a survey conducted by about 80% of people reorganize their apartments between summer and fall.

If you’re anything like me, you find that cleaning out the closet isn’t at the top of your list of fun things to do in your spare time, but the thought of tax savings, the ways I can help others, and the many ways I can make money while on a mission to stay organized keeps me motivated.

Here are 4 easy tips to help you get organized and save money:

1. Donate Clothing to a Charity – This is an easy step I do every year to help reduce my tax liability and plus I love donating clothing that I know someone else will enjoy at a lower price. You can donate to a 501 (c ) (3) non-profit organization like Goodwill or Salvation Army and receive a nice tax deduction. TurboTax will help you figure out if you are eligible for a charitable contribution deduction. TurboTax ItsDeductible will also help you accurately track and value your donations year round and then transfer them to your tax return. Make sure you get an acknowledgement from the charitable organization for your records. I also always take a picture of my donations for my records.

2.  Have a Garage Sale – You can earn some immediate cash by having a garage sale. Sometimes entire communities will have them together and if you are moving your realtor may sponsor your garage sale and pay for any ads you placed to advertise. Anything you don’t sale can be donated to charity. You have a win-win situation in this case, because you are earning immediate cash and you can get a tax deduction for your donations.

3.  Sell to a Consignment Store – There are consignment stores that will accept your clothes and sell them for you. Some of them will do all   the work for you and sell your clothes first and then give you the cash after the clothes are sold and take a small percentage. One children’s consignment store where I have taken clothes gives you cash for clothes up front if they think they can sell them.

4.  Use a Mobile App – There are mobile apps popping up everywhere that allow you to take a picture of clothes you want to sell and will either sell them for you or allow people to bid on your clothes for your acceptance.

I hope these tips help you start fall well organized and with more money in your pocket.