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Welcome to our newsletter! Let’s talk about a strategy that could save your business thousands of dollars each year—donations. Many businesses miss out on this opportunity because they don’t fully understand how donating goods can directly benefit their bottom line.
Here’s how it works, how it can help your customers, and how it could be an absolute fugging game-changer for your business.
If you find yourself in a situation where you’re donating goods—whether it’s clothing, small furniture, artwork, or whatever—you might not always have a client to give that tax-deductible receipt to. But that doesn’t mean you can’t still benefit.
As a business owner, you should save all of your tax-deductible donation receipts. Every time you make a donation, keep careful records of what was donated and make sure to note its value on the donation slip. At the end of the year, you can use these receipts to claim deductions on your taxes, based on the IRS’s standardized value booklet for donation items.
Now, some accountants might tell you that you can’t take these deductions because you didn’t pay for the items you donated—they argue there’s no “cost basis” for the goods. However, I believe this is a tax loophole worth exploring. There’s no specific language in the tax code that says you can’t donate items you didn’t purchase and claim their value as a deduction. As long as those items have value, you can use them to reduce your tax liability.
Here’s how this works in practice:
When you donate items and claim their value as a tax deduction, it lowers your adjusted gross income (AGI).
For example, let’s say at the end of the year you have $10,000 worth of tax-deductible receipts, and your total taxable liability is $100,000.
By applying that $10,000 deduction, you’ll only owe taxes on $90,000 instead of the full $100,000.
If your tax bracket is around 20-30%, this translates to a real savings of $2,000 to $3,000 that you won’t have to pay to the IRS.
And here’s the best part—that’s real money. It’s money you can use to reinvest in your business, whether that’s boosting your marketing efforts, upgrading your equipment, or even giving yourself a well-earned bonus in the new year.
These types of strategies are especially helpful in the early years of growing a business. Any savings you can find—especially ones that reduce your tax burden—can be funneled back into your operations, helping you scale faster and more efficiently.
So, the next time you’re making donations, don’t just hand over the goods and move on. Track them, claim them, and let those tax-deductible receipts work for you. It’s a simple strategy, but it can have a big impact on your financial health and long-term success.
(I’m not a CPA, so don’t just take my word for it—consult your CPA or a tax professional to determine if this is the right move for your business.) ✌️
Justin Hubbard
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