Comments on: Using ‘ItsDeductible’ to Figure the Value of Donations http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 02:21:27 -0500 http://wordpress.org/?v=abc hourly 1 By: David Anderson http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-127292 David Anderson Fri, 19 Dec 2008 17:21:36 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-127292 Please also look into www.charitydeductions.com. It provides the same historical successful completed eBay valuations, but doesn't require you to purchase TurboTax to see your results. If you use TurboTax, then It's Deductible would be ideal. If you have your own tax pro or accountant, then www.charitydeductions.com provides the reports they need for your taxes without having to purchase TurboTax. Please also look into http://www.charitydeductions.com. It provides the same historical successful completed eBay valuations, but doesn’t require you to purchase TurboTax to see your results. If you use TurboTax, then It’s Deductible would be ideal. If you have your own tax pro or accountant, then http://www.charitydeductions.com provides the reports they need for your taxes without having to purchase TurboTax.

]]> By: Margaret Welch http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-116193 Margaret Welch Sun, 30 Mar 2008 20:09:32 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-116193 How cak I get recognized by the Its Deductible program? I type in all the required info, but it always comes back and always ask the same questions again. How cak I get recognized by the Its Deductible program? I type in all the required info, but it always comes back and always ask the same questions again.

]]> By: Saving Advice http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-68839 Saving Advice Thu, 01 Mar 2007 15:26:10 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-68839 Doesn't itsdeductible come with an audit guarantee? I believe it did for a few years, but not sure if it still does. Doesn’t itsdeductible come with an audit guarantee? I believe it did for a few years, but not sure if it still does.

]]> By: Wes http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-68722 Wes Mon, 26 Feb 2007 21:43:59 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-68722 I too was surprised by the values that It's Deductible gave me. I have a fair amount of faith in Intuit's methodology. Basically the application uses historical ebay data to estimate the fair market value of your donations. Intuit believes that this is a valid approach that the IRS will look favorably on. Of course it's important for the user to be honest about the quality and quantity of the donated goods. Accurate documentation can't hurt either. I too was surprised by the values that It’s Deductible gave me.

I have a fair amount of faith in Intuit’s methodology. Basically the application uses historical ebay data to estimate the fair market value of your donations. Intuit believes that this is a valid approach that the IRS will look favorably on.

Of course it’s important for the user to be honest about the quality and quantity of the donated goods. Accurate documentation can’t hurt either.

]]> By: Blaine Moore http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-68717 Blaine Moore Mon, 26 Feb 2007 19:16:30 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-68717 My advice is to lowball the estimate from the tax prep software on your tax return, and then if you are audited you can provide the printed estimate which will be higher. Chances are good that they will take your printed estimate at face value during the audit and you will wind up with a larger deduction. As long as everything else is on the up and up (meaning both trying to cheat the IRS which I doubt you'd do and not making mistakes which anyone can do) then you are in a win-win situation. The lower deduction would make it less likely you have to deal with the pain and hassle of an audit while still getting some sort of compensation for your charitable giving. In the case of an audit, you'll wind up getting paid some of your tax money back since the IRS will actually owe you money. It doesn't get publicized much because audits are a pain in the butt process to go through, but you know that after the audit you will have everything correct. If you missed something, an audit will bring it up and you may wind up with more money. This is especially likely in cases like yours where you seperately prepare your taxes and then have a professional prepare them, so you will most likely pay everything you need to and not miss anything from that direction. My advice is to lowball the estimate from the tax prep software on your tax return, and then if you are audited you can provide the printed estimate which will be higher. Chances are good that they will take your printed estimate at face value during the audit and you will wind up with a larger deduction. As long as everything else is on the up and up (meaning both trying to cheat the IRS which I doubt you’d do and not making mistakes which anyone can do) then you are in a win-win situation.

The lower deduction would make it less likely you have to deal with the pain and hassle of an audit while still getting some sort of compensation for your charitable giving.

In the case of an audit, you’ll wind up getting paid some of your tax money back since the IRS will actually owe you money.

It doesn’t get publicized much because audits are a pain in the butt process to go through, but you know that after the audit you will have everything correct. If you missed something, an audit will bring it up and you may wind up with more money. This is especially likely in cases like yours where you seperately prepare your taxes and then have a professional prepare them, so you will most likely pay everything you need to and not miss anything from that direction.

]]> By: Kirk Walsh http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/comment-page-1/#comment-68715 Kirk Walsh Mon, 26 Feb 2007 18:19:29 +0000 http://www.fivecentnickel.com/2007/02/26/using-itsdeductible-to-figure-the-value-of-donations/#comment-68715 The Salvation Army <a href="http://www.usc.salvationarmy.org/usc/www_usc_arc.nsf/vw-sublinks/80256D2C0037B69686256BD6006AD411?openDocument" rel="nofollow">also published a resale guide</a> that you can rely on (and it's free). The values were much higher than I would have used (and much higher than I guessed last year). I used the middle of the high and low values even though most of the items were in like new condition. The Salvation Army also published a resale guide that you can rely on (and it’s free).

The values were much higher than I would have used (and much higher than I guessed last year). I used the middle of the high and low values even though most of the items were in like new condition.

]]>