According to the IRS, approximately 20 million Americans deduct donations of clothing, toys, household items, etc. year after year. While most taxpayers realize that their non-cash donations are tax deductible, they don't know how to value the items they give to charity. As a result, they end up guessing, often valuing a bag of clothing at $50 when the actual value could be $300 or more. Ultimately, most people often underestimate their charitable deduction and end up paying more in taxes. ItsDeductible, now from Intuit Inc., makers of TurboTax tax preparation software, easily solves this problem by assigning accurate fair market values to donated items, helping customers maximize their charitable deductions so they can save more money.
"The non-cash charitable deduction is easily America's most overlooked tax deduction. Year after year, millions of taxpayers either undervalue their donated items or fail to deduct them at all," says Gordon Whitten, director of the ItsDeductible Product Group. "ItsDeductible is designed to meet taxpayers' needs so they can feel confident in their deduction while maximizing their tax savings."
Turning Donations Into Dollars
ItsDeductible version 7 for tax year 2003 includes nearly 10,000 item valuations for commonly donated goods such as clothing, toys, games, sporting goods, household items, appliances and more. No other donation valuation software product on the market can compete with the amount of valuation data within ItsDeductible.
Taxpayers simply enter the items they donated and ItsDeductible instantly assigns the accurate fair market value as well as estimates their charitable deduction and tax savings. ItsDeductible will automatically complete IRS Tax Form 8283, which is required when the non-cash charitable deduction total exceeds $500. And with one simple click, customers who use TurboTax, the top-selling tax preparation software of all time, can import all their donation information directly from ItsDeductible into their TurboTax individual tax return (Windows only).
Guaranteed Accuracy
With ItsDeductible, you can be confident that your deduction is 100 percent accurate. ItsDeductible valuations are determined in strict accordance with IRS guidelines and are based upon current market prices, as well as the condition of the donated item. These valuations are updated annually to ensure compliance with IRS guidelines as well as maximized tax savings. In addition, valuations are backed by an exclusive DatAssure™ Guarantee that ensures the accuracy of the valuation data-even in the event of an IRS audit. (See details below.)
Guaranteed Tax Savings
Taxpayers are savings hundreds on taxes year after year by using ItsDeductible software to accurately value their donated items. In fact, ItsDeductible guarantees at least $300 in tax savings or customers can return their product for a full refund of their purchase price. In addition to software, ItsDeductible is also available in workbook format. ItsDeductible products range in price from $19.95 to $29.95. For more information about ItsDeductible, visit www.intuit.com/itsdeductiblepress.
About ItsDeductible
ItsDeductible products are provided by Income Dynamics Inc. Income Dynamics was recently acquired and is now a wholly owned subsidiary of Intuit Inc. Income Dynamics is the nation's premier provider of fair market valuations to the corporate and consumer marketplace. Using patent pending Intelligent Indexing™ technology, combined with a nationwide network of manual data collection, Income Dynamics has developed systems to collect, organize and present millions of records in order to provide values and pricing information for companies and consumers. Their core product, ItsDeductible™ (patent pending), allows taxpayers to accurately value their non-cash donations and receive the full deduction to which they are legally entitled.
