Website Tells Value Of Donations For Taxes - Local news, weather, sports Savannah | WSAV On Your Side

Website Tells Value Of Donations For Taxes

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(WKRG Staff) -

There are only 62 days left to file your taxes and something a lot of people may have missed out on—those donations to charities like Goodwill to help lower that taxable income.

WSAV's sister station WKRG discovered that there's a web site to help you find out how much those donations are worth.

You're cleaning out your closet, or you're moving, or you just want to get rid of a few things. So you decide to donate them—and bonus, they're tax deductible! The only problem is, how do you decide how much they're worth and how much it would really help you in the long run? That's where the web site CharityDeductions.com comes in. They tell you right off—your donations are worth more than you think!

You can start off with a free basic account to start off—although they don't tell you how long the free trial lasts. You first have to name the organizations you're donating to, including their addresses. Then click on the items you're donating, say I decide to donate a dress. It takes me to a page where I have to categorize the kind of shape the dress is in and how many I'm donating. It automatically gives a fair market value for those items and keeps a running tally as you go through each item. You can check the donation tax calendar at any time to see how much you're saving. They automatically punch in a tax rate of 25%. So with my 5 dresses, my tax savings is only $13. But if you add furniture, toys, and electronics, that could add up to a considerable amount chopped off your taxable income.

And if it proves helpful, you can always upgrade and pay for the service after your free trial ends.

And with anything, there is also an iPhone app to make the process more mobile. To use the app, you will have to have already set up an account through the web site.

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