Online Tool Makes Tracking Deductions a Snap/ November 30th, 2009
Come tax time, it's frustrating if you can't find donation receipts for the past year. Or, maybe you never get around to recording what you've donated—and risk missing out on your charitable deductions altogether. ItsDeductible.com, from Turbo Tax, makes keeping track of tax-deductible contributions easy and helps keep donation records in one place. You do not have to be a Turbo Tax customer to use the site. ItsDeductible tracks donated items such as clothing, electronics, and household items as well as vehicle mileage you accumulate to complete volunteer work. You also can track donations of stocks and mutual funds. The site can track the method of payment you used to make contributions as well—cash, check, credit card, or payroll deduction. Add your donations 24/7 and stay organized throughout the year. For more help determining what donations are worth, use the Salvation Army and Goodwill valuation guides. Not so computer-savvy? Keep receipts and check stubs from tax-deductible donations and purchases in an envelope or tax tickler file; when tax time comes you will have all records in one place.