Wednesday, April 25, 2012
How a haircut can lead to a tax deduction
You wouldn't know it to look at me, but I have really long hair. Its not quite Repunzel like, but its long enough. The reason why you wouldn't know this is because I always keep it tied up or covered. I grow out my hair and, after a couple of years, I lop it off to start anew. I donate my hair to locks of love, a non profit that provides hairpieces to financially disadvantaged children suffering from long term medical hair loss. This hair cut always has be feeling better about myself (because how often can you do something good and get a free haircut?). But there is a way that this donation can be tax deductible. Donations of the body ie blood, organs and even hair are not able to be deducted. However, if you sell your hair to a wig shop and donate that money to locks of love or other such organizations, your donation can qualify as a tax deductible gift. It may take a little longer to prepare this donation, but the charity of your choice could be the beneficiary of a couple hundred dollars.