Chances are you’re still engaged in spring cleaning, or waiting to get around to it as a summer project. Carolyn Schneider, who runs the savvyshoppingguide.com website, offers some suggestions for cleaning your closet to make room for a new summer wardrobe–and getting income and tax deductions toward your budget for new shopping.
She suggests that you start getting your closet organized by separating everything on your hangars into four categories. Category one is clothing that you no longer want, but that is in great shape, and is a high-end brand. These are the items that you can sell to a consignment store. Clothing with designer labels will reap the most profit. Before you bring them to the store, make sure to clean and press them, and put them on hangars.
Category two is older clothing that you can donate to a thrift store for a charitable deduction. Put the items you are donating into large plastic bags, and request a receipt for tax purposes. Your deduction will equal the fair market value for the items, which is the price at which the thrift store will sell them.
Category 3 is clothing with a fabric, color or pattern that you really like, which can be reconstructed into a one-of-a-kind piece.
Category four, of course, is the clothing you want to keep.
Now that you have a thinned out inventory of things to wear, consider organizing your closet by seasons. This gives you a better sense of what you have too much of, and what you may need to shop for.