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Video: How to Track Tax Deductions

Updated for Tax Year 2015


OVERVIEW

Tax deductions allow you to decrease your taxable income which can save you money come tax season. Track tax deductions with help from TurboTax in this video on tax tips.


Video transcript:

Hello, I'm Jeremy from TurboTax with some important news for any taxpayer who has deductible expenses.

Remember those days of pulling out all your receipts to calculate your tax deductions? Well, those days are long gone. Now, you can calculate and track your expenses year round with just a few clicks of a button.

Anyone can do this by creating a free account with TurboTax ItsDeductible Online.

  • First, go to ItsDeductible.com and sign up for free.
  • Once you create an account and have your secure login, the program will walk you through inputting your deductible expenses and will even give you IRS approved values for non-cash donations, like clothing or toys.

All your information is securely saved online and you can login anytime to add more donations. Then, when it's time to do your taxes, all of the information you saved can be automatically imported into TurboTax Deluxe, Premier or Home and Business and be applied to your tax return.

If you use TurboTax Deluxe or above, ItsDeductible is built right in. So, even if you haven't been tracking your deductions with us online, you'll still be able to calculate your tax deductions with ItsDeductible.

For more tax tips and guidance, visit TurboTax.com.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.


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