Time to clean out your closet

The holidays are over and we are now mid-way through the season. This is prime time to clean out your winter clothes pile. If you have not worn it this season and do not have plans to wear it this year, consider purging it. You likely have an extra day off this weekend to do it, and if you do it now it may turn out to be one more item you can deduct from your taxes in April.

1. Take your clothes to a consignment shop to see if they will give you cash for your items. Don't be offended if they don't take them, they tend to only want the "trendy" item. 
• If you currently shop at this store, consider store credit instead. Often you will get 10-25% more by taking the credit route. You can then use the store credit to buy "new to you" items to wear this year.
2. Consider donating your remaining items.
• Be sure to get a receipt for taxes
• Print out a valuation table from to attach to the receipt in case of audit - http://www.goodwill.org/wp-content/uploads/2010/12/Donation_Valuation_Guide.pdf