Top Tax Deduction!
Unless you have been hiding under a rock during the last few months, you know all about the current financial situation. The economy is hurting and people are just not spending the way that they used to. In addition to this situation hurting things like small businesses, retail stores, and the housing market, it has also had an impact on the vehicle market. To be specific, it has impacted the market value of many cars, as people just do not have the money to spend on cars that they used to have.
You might not realize it, but this has had an impact on charities, as well. The down economy has caused organizations like Goodwill Industries and The American Red Cross to consider some alternative measures, as their auto donations and other staple operations have seen a dip. The reason for this is that when you donate your car to charity in this climate, you don’t get nearly as much tax relief as you would in the past. Because vehicle donation is now so highly regulated based upon correct market value, people just don’t have the freedom to report on their taxes that they used to have.
The charities are emphasizing that auto donation still has an important place for both consumers and for the organizations. They need the cars in order to do their good works in the community and people are still in need of the all important tax breaks that go along with the car donation. If I was thinking I wanted to donate my car in this climate, I would certainly consider all of the options. The fact remains that there are few ways better than this to get a break on your taxes, though. The deduction can help you, even when the economy is struggling, so car donation is something worth considering.