Tis the season for giving back. To help the estimated 75 percent of Americans who give to charity turn their generosity into big tax deductions, Intuit Inc. INTU +0.05% today announced the availability of the new TurboTax ItsDeductible mobile app for iPhone.
The TurboTax ItsDeductible app is free and now available on the App Store for iPhone with iOS7.
Combining the popular ItsDeductible Online program with the convenience and portability of mobile devices, the TurboTax ItsDeductible app helps people easily track their charitable contributions anywhere, anytime. TurboTax ItsDeductible includes valuations for more than 10,000 commonly donated goods such as clothing, toys, games, sporting goods, household items, appliances and more.
"While most taxpayers realize that their non-cash donations can be tax deductible, they may not always know how to accurately 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," said Lisa Lewis, a certified public accountant at TurboTax. "Ultimately, most people underestimate their charitable deduction and end up paying more in taxes."
Even before leaving a donation center, people can quickly and easily enter their donated items into TurboTax ItsDeductible. The app will then automatically assign the fair-market value based on Internal Revenue Service guidelines, ensuring users get the maximum deductions they deserve at tax time. Using location-based technology, the TurboTax ItsDeductible app quickly captures the charity's address for tax-time record keeping.
The Intuit TurboTax ItsDeductible app lets users:
-- Track donations anytime, anywhere, year-round - Easily captures and tracks donated time, items, money and even mileage, so people will never forget their charitable contributions again.
-- Accurately value donated items - Provides eBay resale values for non-cash donations based on the style and condition of an item, so people don't leave any money on the table.
-- See how their estimated savings will grow - Helps users estimate their tax savings with every donation, based on their filing status and income.
-- Automatically import donations into TurboTax - Automatically imports charitable contributions directly into TurboTax Deluxe, Premier or Home & Business products. No typing or searching necessary.
#GivingTuesday
Today, Tuesday, Dec. 3 is #GivingTuesday, a global movement to create a national day of giving at the start of the holiday season. For those who give today, or any day, whether they donate their time, in-kind goods or money, the TurboTax ItsDeductible app helps make charitable giving even more rewarding with tax-time savings.
For more information, go to ItsDeductible.com. For more tips on charitable deductions, visit Tax Break, the TurboTax blog.
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