Top Tax Deduction!
Why Donate Vehicle?
If you donate vehicle to charity, you get twofold benefits. Not only do you get to help unfortunate people but also get to save some money by getting a tax deduction. You can donate vehicle to a charity of your choice. It could be even be your religious institute. These charitable institutes are working to provide a better life to the millions out there who do not even have the most basic facilities such as clean food and water. If you donate vehicle, they are either sold and the money generated is used to fund the charitable institute’s cause. It could be used to provide food, shelter and better education to those living below the poverty line. Charitable Institutes may also decide to keep your vehicle and use it in the course of their work. However, there are some things you ought to know before you donate vehicle.
The charity you decide to donate vehicle to should be recognized by the Internal Revenue Services as a non-profit organization if you wish to get a tax deduction on your donation. Only those charities are eligible to receive tax deductive donations that are qualified according to state regulations. A complete list of all such eligible charities is available at the official website of Internal Revenue Services. You can also find a list at the local public library. You can get a tax deduction equal to the fair market value of your vehicle. Make it a point to determine the fair market value to your car. You can use the Kelley’s Blue Book for this purpose. Also get a receipt of your donation for the charity as you’ll need it while filing your income tax returns.
It’s Simple to Donate Vehicle
Once you have decided to donate vehicle, the rest is easy. All you will need is a computer with an Internet connection and the title to your car. You should also have form 1040 which you will have to fill out for federal tax return. You must also have the itemized tax deduction form from Internal Revenue Services and of course the keys to your vehicle. You just have to fill an online form and the donation company will pick up your vehicle for free.
Donate Vehicle To Make A Difference!
If you wish to donate vehicle, please visit www.charitydispatch.com