I love the time of the year when popular companies, brands, products and services seek tax deductions by the way of offering contest and sweepstakes. The businesses attempt to create last minute tax deductions by donating to charity and gifting sweepstakes and contest to loyal customers and new customers alike. The business profit by utilizing tax exemptions and if we are lucky, you or I may even score one the these sweepstakes, contest or free vacations. Naturally, the prize comes along with a tax bill for the winner as well. Either way, I enjoy entering the contest and helping out with those tax exceptions!
What about the little guys? The small business and the Mom and Pop store? What about the everyday family? I learned about an interesting and valuable online service that may actually help to save on your tax bill. You can use the service to become organized and earn a tax deduction! It sounds like a win-win situation to me.
So, the service is offered by the tax preparer company; Turbo Tax. Turbo Tax offers a free service that will help you to keep track of your everyday donations from a monetary donation to a blanket for the local Humane Society.
The Turbo Tax service is the ItsDeductible Online. I learned of the free service by way of The Family CEO blog. Author, Julie, shares a valuable lesson on how to save money on your tax bill. She explains that Sharon, (author of Midlife Mommusings blog) challenged her family and herself to declutter her home by donating a goal of 1,000 items. In the process, Sharon kept track of her challenge by donating unnecessary items and using the Turbo Tax ItsDeductible Online program. There is an opportunity to keep track of all of your donations including monetary donations. Sharon highlights the importance of keeping proof of when, where and what you have donated. She includes taking photos of each item that she is donating. Of course, it is imperative that you keep organization to identify what item was donated where. Keep in mind the importance of documenting these donations in any and all ways possible. For instance, using PayPal is a great way to have additional accounting of a monetary donation. When possible, donate items when an organization is open for business hours. Visit the GoodWill donation center when they are open. You can then obtain a receipt to help document your donation transaction. Naturally, log each of your donations into the Turbo Tax Its Deductible online service.
The Turbo Tax ItsDeductible online offers a variety of services to help track your donations and to claim these deductions when you file your taxes next year. In addition, the program can help you to choose the types of tax forms that you should use of your tax filing.
Read here why-everyone-should-use-the-itsdeductible-online-program to learn more reasons why you should use the Turbo Tax ItsDeductible Online Turbo Tax Service. Take a peek it could save you hundreds or more!
Happy Tax Season!
Read about the Family Ceo's post: The Power of Simplifying: How One Mom Used a Decluttering Challenge to Save $1800 in Taxes
Read about the Declutter Challenge that let Sharon to save $1,800 on her tax bill at Midlife Mommusings post: Decluttering Monday: The savings value of decluttering