H&R Block's New DeductionPro Software Helps Taxpayers Save

Jan. 29 /PRNewswire-FirstCall/ -- Millions of Americans each year overpay their taxes by neglecting to claim the full value of their charitable donations.

H&R Block's DeductionPro software helps taxpayers maximize the tax benefits of their charitable 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.

"Many people donate bags or boxes of clothing and other household items without claiming the full value of those items as tax deductions," said Chrys Sullivan, H&R Block's director of software products. "DeductionPro enables the taxpayer to value each donated item and potentially save hundreds of dollars in taxes with simple record-keeping."

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 at single location.

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 Features:

• Value Used Clothing, and More -- H&R Block DeductionPro assigns thousands of accurate, fair-market values to common household goods donated to charity, including clothing, sporting goods, appliances, electronics and more.
• Track Charitable Donations -- From cash and non-cash donations ... to out of pocket expenses and mileage, H&R Block DeductionPro is a year- round tracking tool that maximizes the tax savings associated with each of these types of deductible donations.
• Estimate Tax Savings -- 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.
• Get Tax Advice -- Through DeductionPro, H&R Block's tax professionals at H&R Block make it easy to understand IRS guidelines for charitable giving. Relevant IRS publications are 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 of charitable donations. Sort and print reports by charity, by item or view a summary report of all donations.
• 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.

Additional information is available on the company's Web site at www.hrblock.com .

Source: H&R Block Inc.