ADVISORY/Donate Now to See Bigger Tax Savings Come April; Making the Most of Your Non-Cash, Charitable Donations Means You Can Save Hundreds of Dollars on Taxes.

Business Editors

ADVISORY...

--(BUSINESS WIRE)

That closet full of old clothes or the garage that's overcrowded with toys and household items you no longer use can save you a bundle come tax time. By donating these items to charity before the end of the year, you help those who are less fortunate and you benefit yourself with a significant tax break, one that could save you hundreds of dollars if you itemize.

According to IRS statistics, each year more than 20 million taxpayers who itemize on their income taxes deduct non-cash charitable donations. The problem is most taxpayers have no idea how to accurately turn these donations into tax savings. While most people realize that their donation is tax deductible, they don't know how much their donated items are really worth.

Since most people don't know how to determine the value of their donated items, they end up guessing, often valuing a bag of clothing at only $50 when the actual fair market value could be as much as $300 or $400. Ultimately, people under-estimate their charitable deduction and overpay on their taxes.

"This is definitely the season for giving and the time when so many people give toys and clothes to their favorite charity," says Carey Rademacher, product manager for ItsDeductible(TM). "Unfortunately, they rarely value those donations accurately and they miss out on an important tax deduction they're entitled to."

ItsDeductible, now from the makers of TurboTax(R), easily solves this problem, by determining and assigning the accurate, fair market value to thousands of commonly donated items for you. ItsDeductible includes valuations for items such as used clothing, toys, household items, sporting goods, games and appliances, helping taxpayers maximize their charitable contributions so they can save more money on their taxes.