So, I take on the daunting task of facing the tough questions…do I really need this, when was the last time I used/wore this…and really, I’m not getting back into my “skinny jeans” any time soon. The TurboTax community is where you can ask questions and get tips relevant to the software. Answers and tips are provided by other ItsDeductible users and specialists. For tax year 2021, the standard deduction is $12,550 for individuals and heads of household, and $25,100 for those taxpayers who are married and file jointly.

Effectively managing your transportation tax deductions can significantly impact your bottom line. By maintaining accurate records, understanding the specific rules for your industry, and seeking professional advice when needed, you can ensure you’re taking advantage of all eligible deductions and credits. Remember, staying organized and informed is key to maximizing your tax savings and simplifying the tax filing process. At tax time, you may be looking for help deducting your charitable contributions on your tax return in order to lower your taxable income and reduce your tax bill. TurboTax, a brand of tax preparation software, offers a tool called ItsDeductible that estimates the value of your noncash donations for you. You can then import that data into TurboTax to prepare your taxes.

With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from intuit itsdeductible tax experts while you do your taxes with TurboTax Live Assisted. And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they’ll be done right.

Yes, if you earn more than $400 in net earnings from self-employment from your side hustle, you’ll need to file a Schedule C. Answer simple questions and TurboTax Free Edition takes care of the rest. Get unlimited advice, an expert final review, and your maximum refund, guaranteed with TurboTax Live Assisted Basic. «Every day, we’re collecting info from thousands of completed eBay auctions to capture valuations that are not commonly found in thrift, consignment, or specialty stores,» the website states. «We then perform a statistical analysis to determine the fair market value of the item, which in turn gets translated to a high, medium, or low value.» The October 17, 2022 date is most likely to accommodate those who filed extensions for the 2021 tax year.

Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Spent multiple hours over multiple calls on the phone with them as well and they refused to create a bug/ticket for the engineering team because I was the only one encountering this apparently. They also told me the solution was to go buy the desktop version of TT but sounds like that doesn’t work either.

Can I deduct the cost of a business meal with a client if my client doesn’t reimburse me?

I have to admit this is getting frustrated, particularly since I have only four more days to submit my return. If you want to enter your donations at the ItsDeductible website and then import them into TurboTax, here’s the link. You probably have no idea how much your donated items are really worth. Like most people, you just want to get rid of all that unwanted stuff taking up space.

As a taxpayer, you are better off keeping your own itemized list, and keeping documents showing how you determined value for your actual items (such as comparison shopping at thrift stores or Facebook marketplace). We heard your valuable feedback and we are happy to announce that we have revised our decision and will continue to support ItsDeductible next year. Customers’ accounts and the data in them will continue to be available without interruption. You’ll need to sign in or create an account to connect with an expert. What you might not know is that the IRS allows you to deduct the fair market value of those donated items, as long as they are in good or better condition, and that’s where ItsDeductible comes in.

How to access my it’s deductible account?

Spent almost 2 hours across 2 different calls and basically they just walked through the various TurboTax screens over and over again. Hello, I’m Jeremy from TurboTax with some important news for any taxpayer who has deductible expenses. A couple times a year, I get a whim to de-clutter my life. Go through all the closets, cabinets and drawers and figure out what I really need to keep and realistically, what can I live without. It’s an invigorating and almost cleansing time, driven not only by the need for “less stuff, more space”, but also the idea that someone else could benefit and even enjoy something I donated.

Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Free filing of simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). I have been sent three times in a circle, and still do not have an answer to my question, nor have I received the personal phone call that I was promised over 30 minutes ago.

When I dropped off my items at a thrift store receiving area,  I would walk through the thrift shop retail store with my list to see what representative shirts, pants, belts, household goods, etc. were selling for. I suspect you are using the desktop version of Premier (CD/download), since you originally mentioned the File menu and Import menu. «Online TurboTax» is displayed underneath your original question, but I suspect that is in error based on what you said. Securely add donations, mileage, cash, bonds, and mutual funds—anytime, anywhere.

It’s a popup applet and doesn’t require importing since the items are entered and valued in realtime inside the TurboTax software. We can tell you how to use that applet, if you wish to enter the items directly into TurboTax and value them. If you have a lot of items, or if you want to enter them throughout the year as you make donations and them import them into TurboTax, the standalone website version discussed below is best. Combining the popular ItsDeductible Online program with the convenience and portability of mobile devices, the TurboTax ItsDeductible app helps people easily track their charitable contributions anywhere, anytime.

• Like other medical expense deductions, you can only deduct what exceeds  7.5% of your adjusted gross income (AGI).
• It’s called ItsDeductible and you can check out for yourself online.
• They also told me the solution was to go buy the desktop version of TT but sounds like that doesn’t work either.
• Unless otherwise stated, each offer is not available in combination with any other TurboTax offers.
• If you make changes to Its Deductible and want to import again, start again at step 2 above.

Q: Can I hire someone to keep track of my business miles and expenses for me?

Tax deductions allow you to decrease your taxable income which can save you money come tax season. Track tax deductions with help from TurboTax in this video on tax tips. It’s called ItsDeductible and you can check out for yourself online.

Who Qualifies & What to Track

Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund. The good news is there may be a silver lining in the way of non-cash charitable donations. This is actually a win-win for you if you itemize on your taxes, making you eligible for a deduction, saving you money. And, even better, you can feel good knowing you donated your valuable items to a worthy charity. Surprisingly, most people underestimate the value of their donations, missing out on savings in the way of deductions at tax time. To the rescue is a great free online tool I’ve used to help answer the question of how much is my “stuff” worth.

Since fewer folks have been itemizing the cost to keep up the FREE  service is not worth it as the amount of users have dwindled … I set up our 2021 cash and non cash donation charities easily with the link you sent me. If you make changes to Its Deductible and want to import again, start again at step 2 above. We’ll help you get started or pick up where you left off. Security Certification of the TurboTax Online application has been performed by C-Level Security.

How do I report self-employment income on my tax return?

• The good news is there may be a silver lining in the way of non-cash charitable donations.
• And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they’ll be done right.
• It depends on whether the auditor believes you actually donated the items in the ItsDeductible printout, and whether the values are really fair for your local marketplace.
• It’s an invigorating and almost cleansing time, driven not only by the need for “less stuff, more space”, but also the idea that someone else could benefit and even enjoy something I donated.
• To ensure you’re taking advantage of all the tax breaks available to you, it’s essential to keep accurate records and consult with a tax professional if you’re unsure.

ItsDeductible works best for people who prepare their annual income tax return with TurboTax. This is because TurboTax directly imports data from ItsDeductible. If you do not use TurboTax to prepare income taxes, you can use the figures on a printed report from TurboTax ItsDeductible. When you itemize your deductions, you can include not only charitable contributions, but also real estate taxes, mortgage interest, and medical expenses, among others. Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing.

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However, you may be able to claim a limited deduction for cash donations made in 2021. To qualify for the deduction, you’ll need to itemize your medical expenses on Schedule A (Form 1040). Like other medical expense deductions, you can only deduct what exceeds  7.5% of your adjusted gross income (AGI).