Tracy, CA (PRWEB) March 15, 2011
Taxbrain Users Can Maximize their Refunds by Donating Items to Charities and Lowering Taxable Income
TRACY, Calif., March 14 - Taxbrain®, America’s Online Tax Service(SM), announced a new partnership that will give taxpayers a simple and accurate way to maximize their charitable contributions and reduce their taxes.
Taxbrain clients will now be able to quickly look up thousands of everyday items in CharityDeductions.com’s enormous database of fair market valuations and import them directly into their Taxbrain return. By maximizing the value of charitable contributions, taxpayers can get their largest deduction and increase their tax refunds.
“For years, taxpayers have struggled with the valuation of everyday items that are donated to charity, noted Craig Petz, Vice-President of Taxbrain.com. “In the end, the values attached to donated items must be able to withstand IRS scrutiny. By using the giant database provided through CharityDeductions.com, our clients can maximize their deductions and be confident that they are in full compliance with federal and state regulations.”
“We’re excited that Taxbrain chose to partner and work with us. Combining their outstanding tax software and customer base with our valuation software is a natural fit and enhances the benefits to both our customers.” expressed David Anderson, founder and co-owner of CharityDeductions.com.
With government budgets getting squeezed, tax authorities are scrutinizing more returns than ever – including the values claimed for donated items. Users of Taxbrain and CharityDeductions.com can rest assured knowing that they’ve correctly valued their charitable donations by using a proven method to accurately track and value their donated items.
Though the IRS allows deducting the fair market values of donated items to charity, taxpayers often use conservative or inaccurate estimates -- potentially cheating themselves out of a bigger refund or drawing questions from the IRS. CharityDeductions.com uses data from millions of successful eBay® auctions to calculate legitimate fair market values of donated items -- including clothing donations, sports equipment, electronics and hundreds of other eBay item categories -- to determine defensible, donation values for income tax purposes.
“Each year, millions of taxpayers end up with a smaller refund or pay more in taxes than they should by undervaluing their donations,” explained Anderson, “Using CharityDeductions.com as part of Taxbrain.com, they’ll have the assurance they’re reporting the greatest value for their donated items and accurately preparing their tax return.”
CharityDeductions.com was established in 2003 as the first web-based valuation software for charitable donations. Featured in the Wall Street Journal and on ABC’s Good Morning America, it provides thousands of fair market values for charitable donations as well as tracking and organizing charitable money and mileage contributions. The San Luis Obispo, Calif.-based company has made extensive use of customer feedback and a philosophy of ‘continuous improvement’ to develop a software application trusted by thousands of taxpayers each year. Visit us at: http://www.charitydeductions.com
About Taxbrain.com® America's Online Tax Service(SM)
Taxbrain.com is a web-based tax solution delivering online preparation, filing, professional assistance and representation in all 50 states. Independently or with the help of a qualified tax professional, Taxbrain.com is a full-service online tax center providing tax advice, tools, and resources all year to help taxpayers manage their tax burden with greater confidence and ease, allowing them to “Live More and Tax Less”. For more information visit http://www.taxbrain.com