By John Saban
It’s that time of year again when thoughts are turned to income taxes and solutions for excess inventory. Managers across the country face these two issues every year. Have you every considered donating your excess inventory, capital items, office equipment, etc. and receive a tax deduction? You probably will say yes but the “stuff” that our company has to donate most non-profits wouldn’t accept. We have found at least one non-profit, Educational Assistance Ltd., which accepts the widest range of items and has a “nitch market” of those items not generally, accepted by other non-profits namely:
- Finished products
- Components and piece parts
- Tools and machinery
- Raw materials
- New or used
Donating excess inventory to a qualified charitable organization may be your best tax solution. Section 170 e (3) of the IRS Code allows business to reduce taxes by donating unwanted, slow-moving inventory to non-profit organizations that use non-cash donations to meet their mission. This cost-effective solution allows businesses to earn a generous tax-write off and support non-profit organizations without having to write a check.
A successful corporate executive started Educational Assistance Ltd. in 1982 as a community payback for the college scholarship that he received. To date EAL has provided over 8000 scholarships to needy students. Knowledgeable industry professionals with extensive inventory, product and logistical expertise staff EAL. Donating to EAL is an easy process, just call
630-690-0010 or email [email protected]. You will be helping your company and the community!