For years I donated used goods to various charities and never itemized or placed a value on them to report on my taxes. I figured it would be too time consuming and wouldn't really add up to that much. I was SO wrong! This year I discovered a website called www.itsdeductible.com. It links to TurboTax but you don't have to use TurboTax to use it. Now when I have items that I am donating, here is what I do:
- I grab my laptop and sign in to ItsDeductible.
- Enter the date of donation and charity.
- As I'm putting the items in bags or boxes, I enter them into the software. It has the values of thousands of items, so all you have to do is enter in the quantities and decide if the quality is medium or high. If it doesn't have the item, you can enter the value yourself, which is pretty easy to do based on the ones they do have.
- When you donate and get your blank receipt from the charity, simply file it away with your tax info or print out the itemized list of donations and attach it.
- When you are ready to do your taxes, if you use TurboTax you can easily import the information from ItsDeductible. If someone prepares your taxes for you just hand them the receipt and list.
You can also enter mileage driven for charities. I discovered that every time I drive my kids on a field trip or drive to their school for the sole purpose of volunteering, the mileage is deductible because I am providing a service for their school. I enter it in ItsDeductible, and it does all the calculations for me. Easy money, baby!
Disclaimer: I am not a tax attorney or CPA. This is only describing a program where you can track deductions. For advice on what you can and cannot deduct, please contact your tax advisor.
Hi Ann.
ReplyDeleteThanks so much for sharing your knowledge. I have SO many bags in the garage right now waiting to be donated following the Christmas inflow. I'm now going to take this step first and do so from now on.
Hope your family is well. Tell Harriett "hello" from us :)
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