Thursday, November 19, 2009
Online Tool Makes Tracking Deductions a Snap
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.
For some people, keeping receipts and check stubs from tax-deductible donations and purchases in an envelope or tax tickler file works; and when tax time comes they have all records in one place.
There's another option for easy tracking of tax-deductible contributions which may be a better fit for people, and it's free. ItsDeductible.com, from Turbo Tax, gives individuals the ability to track online donated items such as clothing, electronics, and household items as well as vehicle mileage accumulated 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. You do not have to be a Turbo Tax customer to use the site.
By adding your donations as they accumulate, you'll stay organized throughout the year and will be ready come tax time.