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re: are "donations" to Good will tax deductible?
Posted on 6/12/14 at 10:30 am to Napoleon
Posted on 6/12/14 at 10:30 am to Napoleon
Goodwill has the most genius business model ever. Their product is donated to them on a mass scale, and they sell it at 100% profit. Genius I tell you.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
Posted on 6/12/14 at 10:39 am to rintintin
quote:
Goodwill has the most genius business model ever. Their product is donated to them on a mass scale, and they sell it at 100% profit. Genius I tell you.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
Which is what I plan on copying.
I have a regular company that does give back, but I would like to explore how to issue these receipts. Last year was the first time I ever used donations toward taxes and I saw the benefit of it.
My business is appliances. Many people throw old ones out. Mostly we get dryers that have a bad thermal fuse. I buy these fuses by the 100 pack at $.90 a piece. I have a guy I pay $10/hour clean them and touch up any paint. I would then sell this unit that I have $10.90 in for $150-200 with a warranty.
We buy units at $10-50 too (some more, like we bought a Sub-Zero broken yesterday for $350, it's an $11 part to repair, it's listed for $1500 now.
It's been lucrative. I have a store opening soon, and a nice eco-sounding name for it and I am splitting it off from my repair company. But I really wanted to see if I could give out tax donation forms. Do I need to start a Charity?
I was thinking about that too, but a totally unrelated one (homeless related).
But if I could tell the people with disposable incomes, the types who would rather spend $900 on a new unit than on $200 for a repair, that I could give them a tax break for the full resale value of the unit, I think that could be helpful.
I don't want units plucked from the trash, I want the nice stuff.
Posted on 6/12/14 at 11:13 am to rintintin
quote:
Goodwill has the most genius business model ever. Their product is donated to them on a mass scale, and they sell it at 100% profit. Genius I tell you.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
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