Cash in on what's hiding in closet

It's the end of the year, and I don't know about you, but I'm cleaning out my closets. I've been torn between selling the extra stuff around the house or donating it to charity and writing off the items on my taxes.

Many people don't know what their donations are worth. We know we can deduct the value of charitable items on our tax returns by itemizing, but how do we determine the value of the donated items? I found a very helpful book I plan to use this year as a guide to stay in accordance with the Internal Revenue Service guidelines. It's called "Money for Your Used Clothing."

This 2011 tax guide booklet publishes values for more than 1,200 used clothing and household items commonly donated to charity that comply with the IRS guidelines, and comes with a guarantee that if you use the book, it will help you save $250 on your taxes. If you register your book, the publisher, Certified Used Clothing Values Inc., will pay all interest and penalties if the IRS denies the deduction. The 2012 edition will be available this summer, so plan on getting a copy to use next year as well.

This book shows how to document donations and tells how to receive a tax windfall without waiting to file a tax return. It also addresses recent IRS tax law changes that affect charitable deductions.

"Money for Your Used Clothing" retails for $25, plus $4 shipping and handling. Visit the website or call 866-417-7678.

A Savvy deal

If you don't know by now, we at Charleston Savvy Shopper absolutely adore rebate deals, and you can find many on the postandcourier.com/savvyshopper. Rebates are easy to complete: fill out a form, cut the UPC, copy and mail it in.

Arm & Hammer has one now for a free 20-pound box of cat litter. Try out its new brand of litter for free using a rebate from armandhammer.com. It expires March 30. Print it now because sometimes they take away deals after a certain number are printed.

Visit postandcourier.com/savvyshopper to follow the Charleston Savvy Shopper blog and more. Follow @chssavvyshopper on Twitter or find us on Facebook.

Reach Shannon Brigham at charlestonsavvyshopper@postandcourier.com.