Determine Value of Good Will Items or Charitable Donations for Tax Purposes
If you haven't heard of ItsDeductible.com, be sure to check it out before you make your next Good Will run or a charitable donation. A creation of TurboTax®, ItsDeductible.com enables you to register for a login, track all of your donations online year-round, itemize your donations and then determine a value for them based on high, medium or low quality. If you use TurboTax® you can import your donations right into the program. If you don't, you can print them out and give them to your CPA at tax time.
Just an example of what it can save you in taxes: I logged in a donated value of $535 last night and the program determined it would save us about $150 in taxes. In the current economic downturn, this was good news! Just wanted to share this with everyone. Go to www.itsdeductible.com to learn more.
Just an example of what it can save you in taxes: I logged in a donated value of $535 last night and the program determined it would save us about $150 in taxes. In the current economic downturn, this was good news! Just wanted to share this with everyone. Go to www.itsdeductible.com to learn more.
Tags: deductions, itsdeductible.com, tax, turbotax
Replies to This Discussion
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Permalink Reply by Janel on -
Great info to have! I just went the other day and have an blank receipt.
A bit of news to everyone regarding the Good Will - they will NOT take any toys or baby items except for clothing. With the new federal laws in regards to toys, they are restricted to sell these items.
I do know that With Love For Jesus will accept them.
Does anyone know how this affects consignment sales?
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Permalink Reply by Elizabeth Shugg on -
Yes, great point Janel. They turned away a box of toys we brought.
We previously blogged about how this will affect consignment store sales here and here.
Also, I'm pasting info directly from the Consumer Product Safety Commission below. Looks like March 11 was the magic date:
CONSUMER PRODUCT SAFETY COMMISSION
16 CFR Part 1500
Children's Products Containing Lead; Final Rule; Procedures and
Requirements for a Commission Determination or Exclusion
AGENCY: Consumer Product Safety Commission.
ACTION: Final rule.
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SUMMARY: The Consumer Product Safety Commission (Commission or CPSC) is
issuing a final rule on procedures and requirements on requests for: a
Commission determination that a commodity or class of materials or a
specific material or product does not exceed the lead content limits
specified under section 101(a) of the Consumer Product Safety
Improvement Act of 2008 (CPSIA), Public Law 110-314; or an exclusion of
a commodity or class of materials or a specific material or product
under section 101(b)(1) of the CPSIA, that exceeds the lead content
limits under section 101(a) of the CPSIA, but which will not result in
the absorption of any lead into the human body nor have any other
adverse impact on public health or safety.
DATES: Effective Date: This regulation becomes effective on March 11,
2009.
FOR FURTHER INFORMATION CONTACT: Kristina Hatlelid, PhD, M.P.H.,
Directorate for Health Sciences, Consumer Product Safety Commission,
4330 East West Highway, Bethesda, Maryland 20814; e-mail
khatlelid@cpsc.gov; telephone 301-504-7254.
© 2010 Created by Elizabeth Shugg.
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