Posted on | December 6, 2013 | Comments Off on The TurboTax ItsDeductible App
The TurboTax ItsDeductible App
Intuit Inc. announced on December 3, 2013 its new TurboTax ItsDeductible app, had become available for use on the iPhone. The app is geared towards assisting the estimated seventy-five percent of US citizens, who make donations to charity, to be able to convert their goodwill into considerable tax deductions. Free of charge, the app is offered on the iPhone with iOS7 app store.
The Turbo Tax Online program is very popular. Persons are able to monitor their charitable donations easily with TurboTax ItsDeductible, through the combination of the convenience and portability of a mobile device. Valuations for over ten thousand items commonly donated, such as toys, sporting goods, clothing, appliances, games, household products among others, are featured on this app.
Most taxpayers are aware that non cash donations can be tax deductible, however they do not always accurately value the goods that they donate. This is usually because they randomly guess the value. An example of this is when bags of clothing are donated, and perhaps valued at $50.00, when in fact the actual value is over $300.00.
Before leaving a donation facility, persons can quickly and easily enter their donated items into TurboTax ItsDeductible. The app will then automatically use the guidelines established by the Internal Revenue Service, to make a fair market valuation. This will ensure that users receive the total deductions that they are entitled to, on their tax returns. Location sensitive technology is used by the app to capture the address of the charity quickly, for the purpose of tax record keeping. So that philanthropists can be rewarded properly for their generosity, they should use this app to monitor their donations.