Millions of taxpayers still guess the value of the clothes, toys and household items they donate to charity, but they may be cheating themselves out of hundreds of dollars come April 15. Now there's a better way. Taxpayers can use TurboTax® ItsDeductible® products, available today for tax year 2004, to accurately value donations in compliance with Internal Revenue Service guidelines so they can take the biggest possible deduction.
With ItsDeductible, every person who has closets full of clothes they don't wear anymore and garages overflowing with old toys, sporting goods and electronic equipment can give themselves the biggest tax break allowable by donating those items to their favorite charity.
"I never deducted my charitable contributions before because I never knew how much each item was worth," said Holly Campbell of Goose Creek, SC. "ItsDeductible made it easy for me get a value for every item I donated. Imagine my surprise when I found out I'd been cheating myself out of hundreds of dollars every year!"
According to ItsDeductible software, that pair of women's designer jeans that were supposed to fit someday is worth up to $28. The set of golf clubs used once, then stored in the basement in disgust, is valued at $175. The Sony PS2 the kids don't play with anymore? Worth $81. And who would guess that a men's designer suit bought with high hopes, that's now hanging in the back of the closet, is worth $232? All values are current for 2004 for items in good condition.
"ItsDeductible takes the guesswork out of valuing the items you donate to charity," said Gordon Whitten, general manager of ItsDeductible. "Year after year, millions of taxpayers either undervalue their donated items or fail to deduct them at all. ItsDeductible offers a simple solution to a very common problem. ItsDeductible accurately values and tracks your donations in compliance with IRS guidelines so you can be confident that you're maximizing your tax savings."
America's Most Overlooked Tax Deduction
Item donations are one of America's most overlooked tax deduction. It's estimated 20 million Americans overpay taxes every year by underestimating the value of the items they donate to charity. According to the IRS, taxpayers who itemize underestimate the value of their item donations by an estimated $1,600 per year, which can add up to $600 a year in potential tax savings.
Give Me a Tax Break
ItsDeductible helps taxpayers get the maximum allowable tax break by:
- Providing accurate values for more than 12,000 commonly donated items including: clothing, toys, video games, sporting goods, household items, appliances, consumer electronics and more.
- Determining accurate, fair-market values through extensive research of resale outlets, as well as recent market data from eBay. Each item is assigned a specific value based on the taxpayers' selection of item type and quality.
- Transferring donation information directly into a TurboTax personal return saving more time on taxes.
- Generating donation reports and receipts. ItsDeductible puts all required information on the correct form to help substantiate donations in compliance with IRS guidelines.
- Tracking and managing other donations, including cash, mileage and stock.
- Automatically completing the item donation tax form (IRS Tax Form 8283) that is required to substantiate donations when non-cash charitable deductions exceed $500.
Pricing and Availability
In addition to software, ItsDeductible is also available in workbook format. ItsDeductible products are $19.95 and are available for purchase at www.itsdeductible.com.
