Determining Fair Market Value (FMV) of your non-cash contributions to organizations such as Goodwill, Salvation Army, Big Brothers Big Sisters, etc. can be difficult. The IRS version of what your items FMV may be and your interpretation canbe totally different. We've attached an excel spreadsheet to help you navigate these waters.
Staying up-to-date with IRS rules is key to avoiding any red flag issues. By the same token we want to make sure that you take every deduction that you are entitled to.
Please contact us at the office any time if you have questions.