Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.
1. Understand the rules. A good place to read the government rule on car donation is IRS Publication 4303, A Donor's Guide to Car Donations (available on the IRS's website at www.irs.gov). This guide outlines some important rules regarding car donation. For example, one important rule states that car donation must be made to qualified organizations in order to be tax deductible.
2. Determine the value of your used car. Although the blue book might help you determine the value of your car, you should read IRS Publication 561, Determining the Value of Donated Property (available on the IRS's website), to see what your car really worth.
3. Find a charity to donate your vehicle. If you are associated with any charity or non-profit organizations, that organization might be your choice for donating your car. Otherwise, check the Yellow Book or search on the Internet to find an organization to which you feel like donating your car. After you have identified a candidate, you should review IRS Publication 78, which is a list of organizations eligible to receive tax-deductible charitable contributions. This document is also available on the IRS's website and it's searchable. Make sure the candidate charity is eligible. Otherwise, you might not get your tax deduction!
4. Make your donation. After you have made the donation, make sure to ask for a written acknowledgement from the charity. You will need to attach this acknowledgement to your tax return in order to get your tax deduction.
John Lee is a freelance Internet writer. He has written articles for websites such as car donation helper, (car donation helper)
one time home cleaning Glencoe ...The electronic transaction ordinance defines the certificated copies in which... Read More
QUESTION: I have been contacted by my local city... Read More
Over 50% of marriages end in divorce in the United... Read More
We all love to criticize the IRS, don't we? And... Read More
The knock on the door from a Tax Inspector is... Read More
One way to maximize your business profits is by reducing... Read More
Excerpted from the new book, "How to Do Space Age... Read More
Media reporting of a new EU savings tax directive has... Read More
In the latest Star Wars episode, the evil empire executes... Read More
"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
The powers of Congress, and the limitations set upon those... Read More
How about a Tax Tip?As we all know Taxes are... Read More
Most people look forward to getting their tax return, but... Read More
Does this scene sound familiar? It's April 7. You haven't... Read More
Choosing the right tax preparer for your business is a... Read More
With gas prices at an all time high before Hurricane... Read More
The Internal Revenue Service is reporting that the difference between... Read More
As a small business owner, it's wise to familiarize yourself... Read More
Hit a big one? With more and more gambling establishments,... Read More
Have you been thinking about incorporating your small business or... Read More
Most people trying to make a crust online (or offline... Read More
An early distribution from an Individual Retirement Arrangement (IRA) or... Read More
It's a major fear for most Americans: A notice from... Read More
Taxpayers have two easy and convenient options for getting copies... Read More
If you are a Small Business Owner or Self-Employed Person,... Read More
cleaning lady near Wilmette ...As a sole proprietor, it's wise to familiarize yourself with... Read More
Own residential rental properties? This article discusses how income from... Read More
At the present time a company incorporated in the Isle... Read More
Q: I was contacted by the city tax collector to... Read More
Following is a reproduction of the IRS's rules and requirements... Read More
April 15th looms in front of most people every year... Read More
Do you realize that some tax forms ask you to... Read More
"Depreciation." For business owners, this word is the one most... Read More
The IRS has obtained civil injunctions against more than 100... Read More
It's a moment every person dreads. You pick up the... Read More
1812The first attempt to impose an income tax on America... Read More
OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
IRS Tax forms can be confusing.Am I a 1099 or... Read More
Often people fall on hard times and stop paying on... Read More
It's that time again, the April 15 tax deadline is... Read More
The means and types of businesses have transformed with advent... Read More
If you have recently started an Internet or home business,... Read More
It's a major fear for most Americans: A notice from... Read More
Someone once said, 'the best way to calculate your taxes... Read More
Once a year Canadian taxpayers are required, by law, to... Read More
Most people look forward to getting their tax return, but... Read More
The knock on the door from a Tax Inspector is... Read More
In elementary school, kids come up with creative excuses why... Read More
It may not be high on the list of wedding... Read More
Tax |