Mountain View, Calif. (July 18, 2003) -- Intuit Inc. has acquired Omaha-based Income Dynamics, Inc., a provider of software that helps taxpayers determine the fair market value of items donated to charities.
The acquisition advances Intuit's multi-year strategy to drive growth in TurboTax by providing different taxpayer segments with a full range of solutions.
"Income Dynamics' ItsDeductible software is an excellent fit for Intuit and our 'Right for Me' TurboTax strategy," said Steve Bennett, Intuit's president and chief executive officer. "Customers can use the software to quickly and easily obtain the fair market values of hundreds of commonly donated items -- including clothing, toys and household goods. This enables taxpayers to stop guessing and claim the full deduction to which they're entitled."
According to the Internal Revenue Service, more than one-third of all taxpayers itemize their deductions, and approximately 89 percent of that group makes charitable deductions. An even higher proportion of TurboTax customers itemize their deductions. "We offered ItsDeductible software to TurboTax customers this past season through a partnership with Income Dynamics and were very happy with the results," said Bennett. "Customers told us the software made their taxes less taxing -- and saved them money."
Intuit spokesman Scott Gulbransen said that ItsDeductible will still be available in both workbook form and a CD version. "A lot of taxpayers still use the book. Not all of them are TurboTax customers -- they may use the workbook and still see a tax professional," he said.
-- Roger Russell
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