When it comes time to write off charitable donations on your tax return, you can't just guess. If the IRS comes knocking, you'll need proof that you donated your old couch to the Salvation Army and what it was worth.
iDonatedIt, an iPhone app created by a group of certified public accountants, helps you keep track of the items you've given to different charities, and even estimates the value of those items based on their condition and other factors. It also lets you snap photos to store for your records.
As you continue to make donations, the app calculates the estimated tax savings you will receive. You can e-mail the donation reports to yourself or straight to your accountant when it's time to file your taxes.
The app costs $2.99 for unlimited use and is available on iPhones and Androids.
From pet pigs to Playboy magazines, here are some of the most outlandish deductions taxpayers have tried to slip past the IRS.
|Compromise between Amazon and Simon & Schuster|
|Total CEO dies in plane crash|
|Labor trafficking in America: Victims enslaved in plain sight|
|Media habits of liberals, conservatives: 'different worlds'|
|Wealth is outpacing income...and that's a scary sign|