Tax Deductible Car Donation - Tax deductible car donations are an excellent way to help you save some money on your personal tax liability when filing your yearly income tax return. A tax deductible car donation will not only save you money, but also provide an opportunity for you to give to charity.
The double benefit makes tax deductible car donation a popular means for many American citizens to lessen their tax liability while at the same time providing finances to the charity of their choice. According to the IRS, two and one half billion dollars of tax deductible car donations were made in the year 2000.
There are many charitable organizations in the United States that solicit tax deductible car donations to meet the needs of their philanthropic outreaches.
Tax Deductible Car Donation
Some of these are organizations that benefit cancer research, the blind, at-risk kids, both kidney and lung foundations, animal rights groups, veterans groups and many more. A tax deductible car donation can provide much-needed funds for these and other non-profit organizations. The work accomplished strictly because of tax deductible car donations is vast.
With many citizens using this means of giving, the strides made in disease related research alone is enormous. A tax deductible car donation can be easily accomplished, but care should be given when researching the charity to which you make your tax deductible car donations.
New tax laws have made it possible to receive the full retail value of a donated automobile when making a tax deductible car donation in some instances, but it is important to be aware of which charitable organizations are considered qualified organizations according to the IRS.
Tax Deductible Car Donation
IRS Publication 78 lists those acceptable charitable organizations. Your tax deductible car donations should be prefaced by certain questions for your chosen charity, such as, how much of the proceeds of the sale of your tax deductible car donation will actually get to the charity and how much is used up in administrative costs.
Tax deductible car donations are highly desired by non-profit and charitable organizations and therefore many of these organizations offer free pick-up of the tax deductible car donation. Not only are cars accepted, but also trucks, boats, trailers, and recreational vehicles.
Proverbs 18:16 says, "A man's gift maketh room for him, and bringeth him before great men." Making a tax deductible car donation is a beneficial act that provides reward to both the giver and receiver.