Baby Clothing, Surplus and Liquidation Items - Why Gifts Make Sense

Baby Clothing, Surplus and Liquidation Items - Why Gifts Make Sense

Retail clothing traders inevitably face the same situation year after year - a surplus of last season's styles in one form or another. This is good news for the consumer, as the prices of these items are generally well below the retail price to make room for new products. But what to do with liquidation items that will remain on the shelf until next season? Or if there simply was not enough room to keep these items once the new products arrived? Store owners who face these issues may consider donating surplus products and / or customs clearance to a worthy charity

In many cases, making a substantial donation will not only benefit the many people affected by the organization receiving your donation, but could also have a positive impact on your bottom line by allowing your business to be deducted from its tax at the end of the year. If you plan to make a large donation, you can first contact your tax advisor to discuss the impact of this donation on your tax scenario.

It is advisable to spend time looking for potential organizations before making a donation. Apparently, there are countless organizations willing to accept donations of clothing and accessories. When choosing an organization, make sure that the organization is not-for-profit because it guarantees the potential tax benefits of donations. While it may be easier to locate large national organizations, it is also worth looking for smaller local organizations.

These local organizations often do not receive the level of exposure needed to meet their demands at the same level as larger organizations. As in many situations, the Internet is usually the best source of information for charity research. Also, check your local phone book and ask around. It is likely that you already know someone with some connection to a local charity - use these links!

Once you have selected a non-profit organization to receive your donation, it is important to have a single point of contact within the organization. This person can arrange the receipt of your donation, which can often be arranged in your company or warehouse. It is a good idea to provide a detailed list of the gift, including the bulk value, to your point of contact at the time of donation.

This list will not only help document the inventory in your records, but it will also be a useful tool for the charity to refer to while incorporating donation items into their existing product offering. In turn, ask them to provide you with a "letter of receipt," acknowledging and referring the value of the gift. This letter will provide the necessary documentation to validate the cancellation of the tax. Be sure to discuss the importance of this letter with your interviewer before making your donation and follow up as soon as the donation is made to ensure that the letter is generated on time.

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