Set up a portal by the water on a rock far away from anything. Name the portal "Dump". Use your travel portal to link to it whenever you want to get rid of stuff.

Well that is what a friend of mine does. Personally I don't know what the devs may add so I am loath to throw away things... once I have too much of something I just avoid picking it up to begin with.. anything I end up bringing back to base gets stored.

As I progress through the biomes and make more bases my first base ends up being the deep storage of stuff and I take everything there I don't use currently.