Donating a car to charity is a great way to do two things, getting rid of an old car and taking advantage of a tax write-off that you can benefit from on your yearly taxes. Either way, donating a car is one of those little known ideas that have a valuable benefit to most people looking for additional tax write-offs to improve their net gains on their income tax owed.
Donating a Car in Today's Economy
Donating a car to charity is a great way to do two things, getting rid of an old car and taking advantage of a tax write-off that you can benefit from on your yearly taxes. Either way, donating a car is one of those little known ideas that have a valuable benefit to most people looking for additional tax write-offs to improve their net gains on their income tax owed.
If you are considering donating a car to charity you need to know the current laws regarding car donations in your state. Each state has specific laws that govern what is permissible by state stature that will allow you to get the most from donating a car.
Car donations must be of cars that are useable and in running condition. You can't simple take a car from a junk pile and write it off as a tax deductible exemption. I hope you understand what a charitable car donation is, in order to realize this legitimate tax deduction.
Often times, there is a car left from a person getting too old to drive and at the same time, this is a great time for donating a car. In the event of a death of a car owner for whatever reason, the car may be a part of that person's will. If it is not needed by the recipient then this is another great opportunity to donate a car to a charitable organization.
To assist you in finding a charitable organization that can accept a donated car, your state should have a department or extension to direct you to those charitable organizations. Be sure to receive the proper documentation when donating a car, so that your tax records are in proper order for your record keeping.
Donating a car in today's economy may be a more common practice, since the government itself offered cash for the clunkers program themselves, in order to stimulate the economy.
To learn more about donating a car to receive the maximum tax write-off opportunity, you can read more and see the status of contacts that are available by visiting: http://wealthsmith.com/car_donation.htm
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http://wealthsmith.com/car_donation.htm
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