Retail clothing storeowners inevitably face the same situation year after year – a surplus of last season’s styles in some form or another. This is good news for the consumer, as prices on these items are typically slashed well below retail in order to make room for new products. In many cases, making a sizeable donation won’t only benefit the many people touched by the organization receiving your donation, it may make a positive impact on your bottom line by allowing your business a tax deduction at the end of the year. If you’re considering making a sizeable donation, you may first would like to contact your tax advisor to discuss how the donation would impact your tax scenario.

Before donating, it’s advisable to spend some time researching potential organizations. There are seemingly countless organizations out there that are willing to take donations of clothing and accessory items. Be sure most importantly that the organization is not-for-profit when choosing an organization, as this ensures the potential tax-benefit of donating. It perhaps easier to locate large national organizations, but it’s worthwhile to research smaller local organizations too. To meet their demands at the same level as larger organizations, These local organizations often don’t receive the level of exposure. It’s important to obtain a single point-of-contact within the organization, once you’ve selected a non-profit organization to receive your donation. It’s a good idea to provide an itemized list of the donation, including wholesale value, to your point-of-contact at the time of the donation. The list will also be a helpful tool for the charity to reference, it won’t only help to document inventory in your records while incorporating the donation items into their existing product supply. Ask that they provide you with a “letter of receipt”, Successively, referencing and acknowledging the value of the donation.

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