If you donate the same amount of money to a qualified organization on a regular basis, you can have DeductionPro enter all these donations at once without having to enter each one manually. We call this type of gift a recurring donation.
To set up a recurring donation:
On the Enter Deductions tab, click Cash Donations.
Click New Recurring Donation to enter details for a recurring donation.
From the Charity Name drop-down list, select the charity that received your donation, or select Enter New and type the name of a charity.
Note: If you enter a new charity, make sure to enter its address on the Manage Charities tab.
In the Start Date box, enter the date (in mm/dd/yyyy format) on which you want the donation to start.
Tip: You can also click the calendar icon beside the box to display a calendar from which you can select a date.
In the End Date box, enter the date (in mm/dd/yyyy format) that you want the donation to end.
From the Frequency drop-down list, select the option that describes the frequency of your donation.
From the Payment Method drop-down list, select the payment method used for the donation.
Tip: For a debit, electronic transfer, or automatic withdrawal, select Other from the drop-down list.
In the Amount Donated box, enter the dollar amount (up to $10 million) of the donation.
Tip: The amount you enter should be equal to each individual gift, not the total. For example, if you give $10.00 every week, you should enter $10.00 in the Amount Donated box.
In the Benefit Received box, enter the dollar value of any benefit you received in connection with your donation, and then click Finished.
For example, if you donated $75.00 to a charity and received a hat worth $10.00, you would enter $10.00 in the Benefit Received box.
If you did not receive any benefit in exchange for your donation, leave the field blank.
DeductionPro automatically:
Calculates the Deduction Amount for you.
The Deduction Amount is equal to the Amount Donated minus the Benefit Received.
Saves your entry and updates Total Deductions and Est. Tax Savings when you leave the row.
To enter another donation, click either New Donation or New Recurring Donation.
To print the list of cash donations, click Print. When the Print Preview window appears, click the printer icon, and then click OK in the Print dialog box.
Tip: To print the details of a recurring donation, click the Recurring button beside the donation for which you want to print the details before you click Print.
When you’re done entering donations, click Save.
Note: DeductionPro automatically saves the entry as you complete each row. However, you must click Save to save the information entered in the last row.