Income Tax Preparation: How to Track Non-Cash Donations on Your iPad

January 17, 2011 at 09:26 AM
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BMG Certified Public Accountants LLPhas created an iPad version of its iDonatedIt app, which it developed in 2009 for the iPhone, the firm announced Monday.

iDonatedItwas the first mobile app to track, value and report non-cash charitable donations for income tax purposes, according to the statement. Now, in an effort to capitalize on the iPad's momentum and strengthen its own position as a leading developer of mobile tax applications, BMG has used the best features of the iPhone version to offer iPad users an enhanced user interface that takes advantage of the larger iPad screen.

"Our years of professional experience as CPAs led us to recognize that there was a very clear need for an app like iDonatedIt," Todd Blome, a BMG partner, said in the statement. "Valuing and tracking non-cash donations can be very tricky for the average taxpayer. iDonatedIt takes the guesswork out of the equation and helps users easily manage their donations from their mobile device."

iDonatedIt does these things:

  • Tracks the date of non-cash items donated to a charity, the recipient charity, the items donated and the fair market value of those items.
  • Builds lists of the items a donor gives and allows the donor to keep a permanent record of those items that meets the compliance requirements of the IRS.
  • Lets the donor attach a photo to the donation list to document the gift.
  • Allows the donor to e-mail the detailed donation report and photo from the mobile device to him or herself or to the donor's accountant.

BMG Certified Public Accountants LLP has been providing professional services to individuals and businesses since 1983. Besides providing services in the traditional areas of accounting, auditing and tax return preparation, BMG also provides payroll, business valuations and peer review services.

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