It accomplishes that by telling you if your total charitable deductions are in line with people in your tax bracket. It’s also pretty cool that you can update your donations anytime throughout the year. And of course I love the fact that you can upload your data right into your tax software. Exporting deduction summaries into tax preparation software like TurboTax simplifies the filing process. ItsDeductible.com integrates directly with TurboTax, allowing users to import donation records without manually entering each transaction. If filing without TurboTax, generating a downloadable report keeps all contributions documented in one place.

The site keeps track of all the donations you made throughout the year. ItsDeductible helps users track and value charitable contributions to maximize tax deductions. The IRS allows taxpayers who itemize deductions to claim the fair market value of donated goods, but determining this value can be difficult. The app provides pre-determined estimates based on IRS guidelines and market data, reducing the risk of misreporting donations. The app integrates with TurboTax, allowing users to import donation data directly when filing taxes, eliminating manual entry errors and ensuring consistency.

Monitoring account activity for unusual login attempts can help detect potential threats early. If suspicious activity is noticed, change your password immediately and review recent transactions. Intuit provides customer support for reporting security concerns.

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Since ItsDeductible.com stores financial data, account security is a priority. Enabling multi-factor authentication (MFA) adds an extra layer of protection beyond just a password. This feature requires a secondary verification step, such as a code sent via text or an authentication app, reducing the risk of unauthorized access. ItsDeductible works best for people who prepare their annual income tax return with TurboTax. This is because TurboTax directly imports data from ItsDeductible. If you do not use TurboTax to prepare income taxes, you can use the figures on a printed report from TurboTax ItsDeductible.

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And the software tells you how much those tax deductions are worth, too. When you set it up, it asks you general questions about your income. As a result, it estimates what your marginal tax bracket is and can therefore calculate the total value of items you want to donate.

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Cash donations made via check, credit card, or payroll deductions are also recorded. Accurate documentation of charitable contributions ensures deductions hold up under IRS scrutiny. ItsDeductible allows users to log donations in real time, reducing the risk of lost receipts or forgotten contributions. Users enter details such as the donation date, recipient organization, and a description of the items or cash given.

• The developer, Intuit Inc., indicated that the app’s privacy practices may include handling of data as described below.
• If you’re not sure whether the organization you donated to is a qualified one, you can ask, or you can look it up using the Tax Exempt Organization Search (TEOS) tool on the IRS website.
• You always need your own itemized list of your item donations that contains enough detail to allow you to set a value (item description, condition, date purchased, date donated).
• By accessing and using this page you agree to the Terms of Use.
• Additionally, Intuit monitors for suspicious activity, alerting users to unusual login attempts or account changes.

Figuring out the value of your donations on your own can be difficult and potentially time-consuming. TurboTax offers the ItsDeductible tool to streamline the process for you, which can be especially handy when you’re on the go. If you make changes to Its Deductible and want to import again, start again at step 2 above. By accessing and using this page you agree to the Terms of Use. Security Certification of the TurboTax Online application has been performed by C-Level Security.

That’ll give users enough time to finish what they started in 2022, and hopefully find a better solution than Mint for itemized donations. We heard your valuable feedback and we are happy to announce that we have revised our decision and will continue to support ItsDeductible next year. Customers’ accounts and the data in them will continue to be available without interruption. This article is part of BizTaxFacts, our Business Tax series on navigating taxes for self-employed individuals and small businesses. We’ll break down tax obligations and considerations, including deductions, credits, and filing across different working arrangements.

The developer, Intuit Inc., indicated that the app’s privacy practices may include handling of data as described below. The following TurboTax Online offers may be available for tax year 2024. Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion. Unless otherwise stated, each offer is not available in combination with any other TurboTax offers. Certain discount offers may not be valid for mobile in-app purchases and may be available only for a itsdeductable limited period of time. So before trying that maneuver above, log out of all Intuit/TurboTax accounts.

Turn charitable donations into big tax deductions with ItsDeductible

I get it, as frankly they had invested in no real updates to the app in user experience and functionality for years. But, it worked for me for a long time and would have paid something for this product to have the documentation and feed the data into TurboTax when I did my taxes. Sorry, no excel or word options available.Nice job Intuit…it must be paying off with your constant ads at tax season …. Once you are on the site, you create a list of charities that you donate to. If you don’t know the value of the items you donated, the site helps you find those values.

Get fast answers to your donation questions

Go to the ItsDeductible log-in form, and leave it blank and scroll down a little bit to the blue link Try Something Else. Since fewer folks have been itemizing the cost to keep up the FREE  service is not worth it as the amount of users have dwindled … Don’t let tax season hold you back – take control of your finances and watch your business thrive. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Currently, there is no Android version of ItsDeductible, limiting mobile access for those without Apple devices.

Recording Donations

Your contributions generally can’t be more than 60% of your adjusted gross income (AGI), although exceptions may apply. It’s called ItsDeductible and you can check out for yourself online. There’s a nifty online toolbar that you can download and use with Internet Explorer. This allows you to simply add in a donation whenever you want without even going to the website. However, if you prefer to do it all at tax time, that’s an option too as ItsDeductible is included in TurboTax Deluxe and above.

• And, even better, you can feel good knowing you donated your valuable items to a worthy charity.
• Sorry, no excel or word options available.Nice job Intuit…it must be paying off with your constant ads at tax season ….
• There’s a link to import from It’s Deductible in the Charitable Donations section of TurboTax.
• Once verified, customize your account settings to track different types of donations, including cash contributions, non-cash items, and mileage related to charitable activities.
• 4.) To be fair, since TT wants to end Its Deductible, they should allow users to use it for the remainder of 2022, and then allow access through April 15th, 2023 (Fed tax date).

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The good news is there may be a silver lining in the way of non-cash charitable donations. This is actually a win-win for you if you itemize on your taxes, making you eligible for a deduction, saving you money. And, even better, you can feel good knowing you donated your valuable items to a worthy charity. Surprisingly, most people underestimate the value of their donations, missing out on savings in the way of deductions at tax time. To the rescue is a great free online tool I’ve used to help answer the question of how much is my “stuff” worth.

At tax time, you may be looking for help deducting your charitable contributions on your tax return in order to lower your taxable income and reduce your tax bill. TurboTax, a brand of tax preparation software, offers a tool called ItsDeductible that estimates the value of your noncash donations for you. You can then import that data into TurboTax to prepare your taxes. This app has been discontinued by Intuit as it was used by a small group of users and did not meet Intuit’s standards for their brand experience.