Today is #GivingTuesday, a global movement to create a national day of giving at the beginning of the holiday season.
During the holidays an estimated 75 percent of Americans donate to charity, but many don’t realize they can turn their generosity into tax savings by claiming their donations on their tax returns or they don’t keep track of their donations so they can claim them.
In order to claim your charitable contributions on your tax return you need to, first keep track of your donations and second value your donations at market value.
To help taxpayers turn their generosity into tax savings, Intuit TurboTax created the new TurboTax ItsDeductible mobile app for iPhone. Now you can track and value your donations on the go so you don’t miss out on these valuable tax deductions – for free.
“Most taxpayers either forget the non-cash items they donated to charity or they don’t know how to value the items they give to charity. As a result, they either end up leaving out some tax deductions or they end up guessing, often valuing a bag of clothing at $50 when the actual value could be $300 or more,” explains Lisa Lewis, CPA at TurboTax. “Ultimately, most people underestimate their charitable deduction and end up paying more in taxes.”
Intuit TurboTax combined its popular ItsDeductible Online program with the convenience and portability of mobile devices so you can easily and accurately track your donations as you could before, but on the go.
The Intuit TurboTax ItsDeductible free mobile app lets you:
- Track donations anytime, anywhere, year-round – Easily captures and tracks your donated time, items, money and even mileage before you leave the charitable organization, so you will never forget your charitable contributions again.
- Quickly capture your charity’s address – Using location-based technology, the TurboTax ItsDeductible app quickly captures the charity’s address for effortless tax-time record keeping.
- Accurately value donated items – Provides eBay resale values for non-cash donations based on style and condition of an item, so you don’t leave any money on the table.
- See how their estimated savings will grow – Based on filing status and income, you can see an estimate of your tax savings with every donation.
- Automatically import donations into TurboTax - Automatically imports charitable contributions directly into TurboTax Deluxe, Premier or Home & Business. No typing or searching necessary.
If you’re in the spirit of giving on this #GivingTuesday or any day, don’t forget to track your donations using the TurboTax ItsDeductible app to turn your generosity into tax savings.
The TurboTax ItsDeductible app is free and now available in the App Store on iPhone iOS7.
Tell us where and what you plan to donate for #GivingTuesday in the FaceBook comments below!