Non Cash Charitable Contributions / Donations Calculator!
No fee or subscription to use!
BACKGROUND:
Over the years my clients have often asked for information to help
value their non cash charitable donations / contributions to such organizations
as Goodwill, Salvation Army, ARC, KID foundation, etc. In past years I
have provided a copy of a suggested valuation sheet / flyer provided by
the Salvation Army. During 2002 and 2003 I recommended a web
site and software called "It's Deductible" (http://www.itsdeductible.com).
This software is very comprehensive and USED to provide a "guarantee" or
"warranty" in respect to their valuations if challenged by the Internal
Revenue Service. However I have a few problems with "It's Deductible".
(1) Although relatively cheap, one still had to pay $20.00 to $30.00 for
the software AND one needed to update it annually. (2) In mid year 2003
the owners / producers / developers of "It's Deductible" sold their product,
web site, customer list, etc. to Intuit Inc. Intuit has since discontinued
the former "guarantee" and / or "warranty" in regards to consequences of
an IRS audit of the valuations they provided to their taxpayer customers.
(Bummer!) (3) Intuit Inc. is the owner / producer / developer of
a widely sold consumer self-help tax product known as "Turbo Tax".
The "It's Deductible" web site is now linked to "Turbo Tax" as a (what
we call a "push") site with the goal of encouraging visitors and
potential customers to purchase "Turbo Tax" and do their own taxes, etc.
Understandably, I do not want to recommend my clients to visit such a "push"
site.
After substantial research for a more viable and better alternative
I found it would be more practical to provide my clients with an on-line
spreadsheet which could be accessed from my web site. The source
information used for valuations are from the Salvation Army "Valuation
Guide" that I have made copies of and distributed to clients over the past
several years and adjusted up by 5% to allow for assumed inflation. I have
made this spreadsheet available on the internet for the benefit of, not
only my clients, but to everyone.
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The spreadsheet is a "Microsoft Excel" spreadsheet. There are several options to use the spreadsheet. If one has internet access and Microsoft Excel (or a comparable spreedsheet software) installed:
IMPORTANT! One should prepare a list for EACH separate entity and DATE donations are made. For example: If one made a donation on July 1st to ARC, and another donation to ARC on Sept. 20th, two separate valuation reports should be made for each date. Likewise, if one made donations to four separate entities, a separate valuation report should be made for each entity.(1) RECOMMENDED The user inputs information in the appropriate data field, the total value is calculated and then one can "save" to their hard drive and print the report later. This option allows one to reopen the spreadsheet from their own hard drive to add or change information, and print another, updated, report copy;Note about printing: The spreadsheet is pre formatted to print in landscape mode.(2) Same as above, but not save to hard drive, but print after completing the information. Caution: The information inputted "online" is not saved, so if one wanted to "go back" later to update or add items, one would have to reenter all the information, or create another report for just the additional information.
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(3) After opening, or accessing, the file "save" the file to ones hard drive and then after closing the browser window, open the file using Microsoft Excel (or a comparable spreedsheet software such as QuattroPro, or Lotus) from ones hard drive location to input the data, re-save, and print.(4) Print the spreadsheet without entering any data on line or without saving the file to hard drive. Enter information manually and calculate and sum the amounts manually. Not recommended, it's a tedious task.
ALSO please NOTE: Do NOT use this worksheet / tool for the following listed items. Generally these items require appraisals, or other forms of documentation supporting their value.
Suggestions, comments, and / or recommendations for
other items to add are welcome. Please call or e-mail such to me. 303-979-7062;
e-mail; taxclients@ecentral.com; FAX: 303-979-9058.
Updated 3/22/2007