Get the Full Tax Benefit of Your Charitable Donations; Thousands of Taxpayers Benefit from #1-Selling H&R Block DeductionPro Software
KANSAS CITY, Mo.--(BUSINESS WIRE)--March 3, 2004--Millions of Americans each year fail to save tax money by neglecting to track and claim the full value of the used goods they donate to charities. Others cheat themselves by holding garage sales that don't deliver as much financial benefit as giving to charity and claiming a deduction.
Top-selling H&R Block DeductionPro software(a) takes the guesswork out of determining the value of non-cash donations by providing thousands of accurate, fair-market values for hundreds of the most commonly donated household items, including clothing, sporting goods, furniture and household appliances.
"Thousands of H&R Block clients are saving on their taxes after discovering and taking advantage of their right to claim the full, fair-market value of their charitable donations," said Derek Swords, H&R Block's manager of software products.
Tax savings can be dramatic for those who properly track and value their donations. For example, someone who donates three bags of clothing to their local charity might arbitrarily claim a value of $25 on their tax return. However, by using DeductionPro software to value individual clothing items, the same donor could conceivably claim approximately $400 in donations, thereby saving more than $100 in taxes.
DeductionPro helps users maximize the tax savings from all types of charitable donations, including cash and non-cash goods, out-of-pocket expenses, mileage and more by providing tools for easy, year-round tracking of all charitable donations in a single location.
While inflated or inaccurate valuations of donated goods have led to IRS audits, DeductionPro's valuations are based on extensive research and are backed by H&R Block, the nation's leading tax company for nearly 50 years.
"DeductionPro users enjoy the confidence of knowing that the value assessed to their donated goods will be backed by the software's guarantee," Swords said.
In addition to providing values for donated items, DeductionPro simplifies record keeping and assists in the reporting necessary for the user's tax return. Data from DeductionPro can be automatically imported into TaxCut from H&R Block.
Packed with tax resources and advice from H&R Block, DeductionPro not only helps maximize tax savings this year, it also provides guidance in planning and tracking for next year.
DeductionPro Also Features: -- Estimate Tax Savings Meter - Watch tax savings add up with each donated item added to the list. DeductionPro calculates the amount of tax savings relevant to each donated item and provides a tax summary report that helps users complete their tax returns. -- H&R Block Tax Advice - Through DeductionPro, H&R Block's tax professionals make it easy to understand IRS guidelines for charitable giving. Relevant IRS publications are also included. -- Complete Form 8283 - DeductionPro makes it easy to complete the tax forms required for non-cash charitable deductions over $500. -- Generate Donation Reports - DeductionPro makes it easy to view and print detailed reports based on the user's entries. Users get an itemized list of all deductions or can use the Tax Summary Report to help complete their taxes. -- Plan for Next Year - In addition to valuing charitable contributions and helping users to save on taxes this year, DeductionPro serves as a year-round planning tool that documents and values donations in preparation for next tax season.
(a) According to retail analyst NPD.
About H&R Block
H&R Block Inc. (www.hrblock.com) is a diversified company with subsidiaries that deliver tax, financial, mortgage and business products and services. It is the only major company with subsidiaries offering a full range of software, online and in-office tax solutions, combined with personalized financial advice about retirement savings, home ownership, and other opportunities to help clients build a better financial future. As the world's largest tax services company, H&R Block served nearly 21 million clients in the U.S. and 11 countries in 2003. H&R Block Financial Advisors Inc. offers investment services and securities products. With more than 1,000 financial advisors serving clients at more than 600 offices, H&R Block Financial Advisors Inc. is a member NYSE, SIPC, a registered broker-dealer and a registered investment advisor. H&R Block Inc. is not a registered broker-dealer and is not a registered investment advisor. H&R Block Mortgage Corp. offers a full range of retail mortgage products. Option One Mortgage Corp. provides mortgage services and offers wholesale mortgage products through large financial institutions and a network of 24,000 independent mortgage brokers. RSM McGladrey Business Services Inc. and its subsidiaries serve mid-sized businesses and their owners with tax, accounting and business consulting services, as well as personal wealth management services.
CONTACT: H&R Block Tom Linafelt, 816-932-8418 tlinafelt@hrblock.com or Boasberg\Wheeler Communications for H&R Block Natalie Lutz, 816-960-3106 nlutz@bwcom.com SOURCE: H&R Block