Users Guides: TurboTax Tax Calculators and Apps

TurboTax ItsDeductible Charitable Tax Deduction Tracking App

Personal Tax DeductionsTurboTax ItsDeductible 2018 - 2019 Charitable Donation Tracking, Easily enter donations for charitable giving into this app as you go and be ready for tax time, anytime!

  • It's free, it's easy—TurboTax ItsDeductible™
  • Turn charitable donations into big tax deductions
  • Add donations any time online or with the mobile app
  • Easily import to TurboTax Tax Software

Charitable Contributions and Donations. You track your donations and value them at the same time with the TurboTax ItsDeductible app. You can deduct cash and non-cash contributions you make to qualified nonprofit organizations. You should retain a receipt or acknowledgement from the nonprofit organization. Charitable Mileage you drive to your volunteer location or any errands you run while volunteering can also be deducted, as well as parking and toll fees or public transportation costs to go to and from the volunteer location which are all tax deductible.

Additionally, you can determine values of your donations with the TurboTax ItsDeductible app. This helps you put proper values on items that are acceptable to the IRS for tax deduction purposes.

Personal Tax Deductions

While preparing your tax return may be an un-enjoyable task, inadvertently paying more taxes than you have to will surely be more upsetting to you if you find you missed deductions you could have taken. A tax calculator guide can help.

You can easily avoid this by using a quality tax software products like TurboTax that perform an interview process in order to make you aware of common and not so common deductions you should be taking advantage of each year.

Knowing what personal tax deductions are available to you ahead of time can help you maintain good records to maximize your deductions throughout the year. It pays to know all the deductions you may be able to qualify for so that you save those receipts.

Commonly Overlooked Personal Tax Deductions

TurboTax Personal Tax Software ProgramsTax Preparation Fees, You can deduct the cost of tax preparation on your Schedule A. You can also deduct convenience fees if you paid taxes using a credit or debit card. You can also write off paid tax preparation software costs, such as TurboTax.

Financial Planning and Management Expenses, If you had an attorney prepare a living will or trust, subscribed to investment newsletters, pay a financial advisor for retirement plan advice, or spent money in some way to manage your finances, you most likely will be able to deduct these expenses.

Contributions to Fraternal Lodge Societies, are also considered charitable donations – to some point. Donations in excess of the required amount for qualified charitable purposes are considered charitable donations and you can claim an amount up to 30% of your adjusted gross income (AGI).

Personal Legal Bills, miscellaneous personal tax deductions like personal legal bills can be deducted if your lawyer is pursuing taxable income on your behalf..

Mortgage Interest and Property Taxes. Mortgage interest (not principal) that you pay on a loan secured by your primary residence or a second home can be tax deductible. You may also deduct taxes paid on other real estate owned that is not being used for business purposes. Mortgage points you paid are tax deductible as well.

Medical Expenses and Health Savings Accounts. Medical and dental expenses that exceed a certain percentage of your adjusted gross income are tax deductible. Eligible expenses include health insurance premiums as well as out-of-pocket expenses for both you and dependents that aren't covered by insurance.

Dependent and Child Care, Paying someone to care for your child or a dependent that is under 13 may make you eligible to claim a tax credit for those expenses. The credit is a percentage of your eligible work-related child or dependent care costs depending on your income.

401(k) and IRA contributions. You can deduct a portion of your annual IRA contribution to maximize savings, especially if your employer matches them. If you are 50 or older, you can contribute more.

Education Expenses, Student Loan Interest can be deducted as a portion of your education costs per year for the lifetime of the loan (income limits do apply to this calculation). You may also be able to deduct a portion of your tuition-related expenses, or you may qualify for the American Opportunity Tax Credit, or the Lifetime Learning credit. Our tax preparation checklist can help you with tax deduction organization.

Educator Expenses, If you worked 900 hours or more during the school year as a teacher, aide, counselor, or administrator in a K-12 school and personally purchased ordinary and necessary back-to-school supplies for the classroom, you can deduct these costs on your 1040 and Schedule A.

Job Expenses, for education and training costs on your current job that are not not covered by your employer as well as Job-hunting expenses, including mileage, are deductible.

Home Office Tax Deductions, are personal tax deduction items available for the portion of your home exclusively used for business purposes. This includes home costs related to that portion, including a percentage of your insurance, utilities, repair costs, mortgage or rent, and depreciation.

Losses from Theft or Destruction, like natural disasters where your car or homeowners’ insurance didn’t cover all the repairs, you may deduct the amount of the loss that was not reimbursed.

Previous Year’s State Income Taxes, are deductible on your Schedule A