Did you hear me rant on Twitter, “I did all that work on my taxes for that?!?!”
There are various reasons that resulted in this factor. Like I have NO Assets or enough deductions! *hmph* Well, I can go into that further, but I will do that another day.
What I wanted to point out, when I was filing my taxes on @TurboTax, there is a featured called ItsDeductable. With ItsDeductable, you sign up for a free account which allows you to keep track of your current year’s charitable donations. Then when you file your online taxes with Turbo Tax, you simply import the information within seconds. (Smart Marketing Skills in my book – its a win-win situation for both user and company).
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As you know, I donated a bunch of clothes when I decluttered and threw out everything in my closet.
What I didn’t do: was use that handy dandy spreadsheet to track everything I donated (Date donated, to Whom, Donation(s), Fair Market Value) or request a receipt when I dropped off my donations to Goodwill. So, I was not able claim my charitable contributions on my tax return. *shame* I lost out this year, but am going to be tedious this year!
If you use Turbo Tax to file your taxes and plan on donating your things to charity, check out ItsDeductable.
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Just an FYI – you can still deduct up to $500 worth of charitable donations with no receipt. I do that every year for the bags of goodwill clothes donations I take in – and I don’t bother to figure out each piece, but I know it’s worth at least $500 in total.
I have heard something like that. I found out more information via the tax phamplet on Charitable donations and this article on IRS Charitable Gift Rules. After figuring, it would give me an extra $100.
Do you think it is worth it? I did donate ALOT of stuff (just was in more of an urge to get it out of my house or trunk).
I don’t itemize; even with charitable deductions it’s not advantageous for me. But that looks like a nice service for those who do.
I always tell myself that I am going to itemize my charitable deductions, but I never do. Since this service is already set up for its users, I thought it would be good to give it a try. I feel at comfort having my donations track just in case I am ever audited.
I would just guess at what you’ve donated. Can’t hurt. 🙂
And so I shall 🙂