It’s DeductibleDeductions are a gift worth taking and missing some can cost you dearly by lowering your tax refund or even costing you more in taxes.
Easily enter donations year-round and be ready for tax time
TurboTax ItsDeductible Free Application
Today it’s more important than ever to look for more ways to lower our tax bills. TurboTax offers their ItsDeductible charitable deduction application for free to tax filers so that they can track tax deductible contributions throughout the year.
ItsDeductible is offered as an online software program and as a download application for smartphones. Tax deductions are a great way for anyone to lower their taxable income, and in turn reduce the amount they are paying to Uncle Sam.
Keeping Track Of Your Charitable Contributions
ItsDeductible helps you keep track of all the charitable donations you make throughout the year. With today’s fast moving world it’s easy to get caught up in everyday activities and forget about charitable contributions you made. This handy tax tool allows you to make smartphone entries on the go, as they happen.
Here Is Why You Should Use TurboTax ItsDeductible
Properly keeping track of – and reporting charitable contributions can be a chore in of itself. Understanding what services, items and personal costs you are supplying for donation or contribution may be deductible can be confusing. Even if you donate lots of non-financial items, this tool will help you put values on your contributions while keeping track of them. Fact is, this tool makes it a lot easier to track charitable giving.
ItsDeductible can be used online or downloaded to your smartphone. Personally I use the smartphone app because it’s always handy to enter any contributions I make as they happen. This keeps me from forgetting about it later.
You can start by setting up a free account online of on the app. No purchase is necessary as TurboTax allows anyone to use this application. However, to register for this app you will need to provide some personal information including you name and e-mail address to activate it.
Once registered, you can create a list for the charitable organizations that you have or will be donating to. Under these 501 (c)(3) organizations you can enter the items that you have donated. If your not sure of the value for any item you donated, this application will help you determine the value that should be entered.
It’s easy to get in trouble with Uncle Same so having a program like this that helps you determine how much those tax deductions are worth offers a great relief to know you have some backup support for those figures you are entering.
Keep track of your mileage write-off for any travel you do to support your charities. This is something that many tax filers forget about or have no idea how to claim. This app makes it easy to claim this mileage on your tax return for running charitable errands or for donating charitable services. Lets say you donate your time by traveling to make a repair on someone’s roof at your own expense for your local Habitat for Humanity, or you travel to supply patient services for free through your church. This application will at least help you take advantage of a tax write-off for your mileage traveled.
TurboTax ItsDeductible Keeps Your Tax Return Legit!
Information you enter can be uploaded into TurboTax Tax Software if that happens to be the product line you choose to use to prepare your tax return. Itsdeductible also helps you reduce the risk of an IRS audit as it compares the total charitable deductions you are claiming to see if they are in line with what other tax filers are claiming that are in the same tax bracket.
Once the end of the year rolls around and tax time sneaks up on you, you can print out a report of your donations to use with any brand tax software you choose. Or you can upload the ItsDeductible data to your Turbo Tax software so that the charitable deductions can be automatically updated as you prepare your federal tax return. Convenient Right? Try it Today!