Another way that you can save money is to donate items to Goodwill or similar non- profit organizations. This would include both your own personal items and your business inventory items that did not sell at auction or on Amazon.
One website that will greatly assist you in this area is www.ItsDeductible.com. The website provides you an acceptable allowance to claim for a wide array of household items in two condition categories. For instance, a used vinyl record in average condition may be claimed for $2. The values are accepted by the IRS. You may be surprised how much a large box of clothing will allow you claim on you taxes. You can also claim the mileage for you to get from your home to the donation site.
You do not get to claim 100% of the value of the donations to Goodwill, but the amount that you can claim can be significant, if you donate continually throughout the year.
Make sure that you take pictures of the contents of the boxes and bags that you donate, and save them in a folder on your computer, so that you can verify what you have donated.
ItsDeductible is also partnered with TurboTax, and other tax prep applications. This allows the tax applications to directly download your information from your donations and mileage on your ItsDeductible page, and place the values in the correct areas of your return.
This is a huge time saver!