By the same token, if you have a large quantity of product (a semi-trailer or more), instruct the recipient groups that under IRS regulations, donated merchandise may not be bartered, traded or sold.
Charities, schools or churches may not auction or sell donated merchandise to raise cash.
Public or private (nonprofit) schools may also qualify to receive these goods.
Have your accountant or tax adviser instruct the recipient group as to what information it needs to include in the documentation it furnishes you as proof of the donation.
Help deserving nonprofits, schools and church organizations. You might ask the recipient group to call the local newspaper to publicize the donation.
While a “grip and grin” photo of you presenting the donation might bring in additional business, keep in mind that it also may produce requests from other groups for donations, too.
For further information, contact NAEIR at (800)-562-0955.
Building Materials Outlet is a family-owned business that has been successful in liquidating and selling building materials for over 40 years.
So if you have a project that has to stay under budget, Building Materials Outlet is here to serve you.Excess, non moving inventory is a common business problem that, fortunately, also contains its own solution. The IRS Code says that regular C corporations may deduct the cost of the inventory donated, plus half the difference between cost and fair market value. Let’s say you’re a retailer of office products and you buy a desktop stapler for .00. Even if your business realizes only a straight cost deduction, it may be to your advantage to donate your stagnant inventory rather than clear it through a liquidator.By donating that new, idle merchandise to charity, your business can earn a federal income tax deduction under Section 170 ( e )(3) of the U. Since liquidators look for the lowest price they can get, their offer may be less than your cost – substantially less.In addition, by purchasing surplus inventory, you are also doing your part in conserving the environment and recycling resources. Monday, Tuesday, Thursday, Friday - am - pm Wednesday - am - pm Saturday am-pm Sunday - Closed Thanksgiving Hours Wednesday, November 22nd: am - pm Closed Thursday, November 23rd Have a safe & happy Thanksgiving!Fresh & Easy, the grocery chain that has struggled for years in Southern California, said Wednesday that it was closing its business — but holding out hope for a buyer.
If you decide to go ahead with publicity, have a diplomatic answer prepared in case other groups call.