On December 3, 2013, Intuit Inc announced that its’ new TurboTax ItsDeductible app for iPhone had become available. This app is aimed at helping the estimated seventy-five percent of US citizens who donate to charity, convert their goodwill into sizable tax deductions. This app is free of charge and offered on the iPhone with iOS7 app store.
The Turbo Tax online program itself is very popular. When combined with the portability and convenience of a mobile device, the TurboTax ItsDeductible app allows people to easily monitor their charitable donations. This app features valuations for over ten thousand commonly donated items, like toys, clothing, sporting goods, games, appliances, household products and more.
Although most taxpayers are aware that non cash donations might be tax deductible, they do not always value the goods they donate to charity correctly. Usually, this is because they have just guessed the value randomly. For example, sometimes, bags of clothes are donated with $50.00 valuations, when the real value is over $300.00.
Prior to leaving a donation facility, people can easily and quickly input their donated goods into TurboTax ItsDeductible. Then, the app will automatically make a fair market valuation, based on guidelines by the Internal Revenue Service. This ensures that users receive the full deductions they are entitled to on their tax returns. The app uses location sensitive technology to quickly capture the address of the charity, for tax record keeping. All philanthropists should monitor their donations with this app, to be properly rewarded for their generosity.
With $1.3 trillion deficit decline in State’s Revenue, and 43 States faced with budget deficit, these proves that the United States of America is not left out in this hard economic time. As a solution to the situation, 2012 taxes, tax cuts was enacted. Unfortunately, it was tricky hence; the US resorted to slashing programs and lowering costs. Worse still, it led to increase of some taxes but still a total of eight-tax cut set forth.
2012 taxes, tax cuts stands out as a major challenge. Brooking reports show that 40 States raised taxes and consequently spending declined. Previously, taxes increased by nearly $24, translating to a cool 3.5% increase. 2012 taxes, tax cuts therefore look slightly effective in the struggle to shrink the State’s deficits. Large States like New York and California, recorded a bulk of tax increase.
Among the six States that raised taxes the most, five of them slashed services in various sectors namely public health, higher education, State workforce, early education and K-12 and the elderly or disabled. This is a clear indication that 2012 taxes, tax cuts is close to impossible or else the country suffers a decline. Two states also slashed their services in four of these sectors while the other two scrapped off funding for all the five sectors.
Interestingly though, the States with the highest tax raise still had some of the most generous programs for the residents instead 2012 taxes, tax cuts.
In the 2008 fiscal year, out of the six States, four of them spent over $4,600. This exceeded the national average of $4,114 per individual.