Tuesday, February 6, 2007

Donate a Car to Benefit Charities and Yourself

By Jeff Lakie



The Internal Revenue Service allows for many different types of charitable deductions including cash, clothes, goods, and some services. One of the "goods" approved by the IRS that taxpayers may donate is their car. Although the IRS has tightened things up over the past few years, donating a car can benefit a favored charity and help yourself come tax day. Let's take a look at how your car donation can help you and a recognized charity.

Your six year old Buick LeSabre Custom has stood the test of time, but you have decided to buy a 2007 Buick La Crosse Limited to give yourself a car that is new, up to date, and thoroughly reliable. Your LeSabre saw you through long commutes to work, vacations at the shore, and it was the same car your daughter used to learn how to drive. With 140,000 miles on the odometer you know that the trade in value isn't going to be that great, so you consider donating the Buick to a charity such as the kidney foundation or to the association of the blind.

The IRS will reward your generosity if you follow certain ground rules:

--The charity must be recognized by the IRS and have 501(c) 3 status.

--You can only deduct the sale price of the car, not what you think someone might pay for it. Indeed, even though the Buick could possibly fetch more than $5000 if sold privately, you have to list the "gross proceeds" of the resale of the vehicle by the charity. So, if the charity sells your LeSabre for $3700, which is the amount you are allowed to deduct on your income taxes. Your charity of choice will provide written proof of the sale amount to you for your records once the sale has been made.

Just remember if you get to deduct $3700 that doesn't mean your taxes will drop by that amount. Depending on your tax bracket and what you owe the Internal Revenue Service and other deductions, you probably will save yourself a few hundred dollars per year. Of course, your motive for giving should be based in part on helping a charity not just receiving a decent deduction.

So, although the IRS has tightened up the rules concerning donating a car it can still be an important fund raising tool for charities while allowing you to receive a tax deduction and the joy of helping someone out in their time of need.




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Donate a Car to Benefit Charities and Yourself

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Mazury

Sunday, February 4, 2007

Donate Car For Tax Deduction - The Rules

By Mike Singh



You want to donate your car and take advantage of the car to donate for tax deduction, but it seems really confusing trying to figure out this deduction. Don't worry you aren't alone. The two main things you need to know when it comes to donating a car for tax deduction is that the actual amount depends on the person who is donating and their claim as to the value of the car, but also on the way the charity puts the car to use. There is one other thing you should know about the car to donate for tax deduction. If the car happens to be worth more than $500 and the charity decides to sell the car that may affect the limit of the person applying for the car to donate for tax reduction and the limit to the access on the gross profits from the charities sale.

Wanting to get the most out of the car to donate for tax deduction requires some knowledge on the matter. There are a few points that may be significant in how well you will benefit.

The first thing to know is that you need to be able to verify the eligibility of the organization that you are donating to. A library or Publication 78, which is an online resource, can help you pinpoint the charities that qualify to be used to take advantage of the car to donate for tax rebates. This will save you time and effort in the long run.

You also must remember that when it comes to claiming the car to donate for tax deduction you must itemize your deduction. You can no longer just stick to the standard deduction. To be able to fully maximize your advantages you must itemize.

A good place to look is a used-car buying guide; these are invaluable at determining the fair market value of the car in question. Being able to correctly determine this will help you maximize the amount of your car to donate for the purposes of tax reduction. Once you have correctly estimated the fair market value, deduct it. Unfortunately this is all you can, not the full value. When applying for the car to donate for tax deduction you must also file a Charitable Contribution Deduction. As well as this you must be immaculate in keeping records of all your receipts and forms. This will help you to achieve the most from the car to donate for tax reduction.



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Donate Car For Tax Deduction - The Rules


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Friday, January 26, 2007

Raffle Ideas For Your Nonprofit Organization

By Chris Brisson



Ok, so you want to find some great raffle ideas. Well, in this article I'm going to show you some really good raffle ideas that you can use for your church fundraiser, school fundraiser, or other form of fundraiser.

There are many prizes you can choose for a raffle. For instance, you can have items donated to your charity from local and sometimes national companies.

Raffle Idea #1: Gift Certificates

You can easily get coupons and gift certificates donated to your charity from local restaurants, theaters, and many other establishments. First, what you want to do is pick up the telephone book or go to Yahoo! YellowPages and seek out local businesses that would be great raffle items.

Some examples are: restaurant gift certificates, electronic store gift certificates, and quilts to name a few. These are the most common gift certificates that can be used as raffle prizes for your cause.

Simply, call these businesses and ask them if they would be willing to offer a gift certificate for your raffle fundraiser. You can send these businesses a letter with your organization letterhead asking for a donation.

Raffle Idea #2: Car Raffle

A car raffle can bring in a large amount of funds for your charity organization. There are many ways to get a car donated to your organization such as reaching out within your group and through your network of people's friends, family, and colleagues to possibly receive a car donation.

If you have a person you know works at a dealership, you can always ask him to get you in the front door of the dealership to propose your donation and why they should donate a car to your organization.

Raffle Idea #3: Home Raffle

This is a big idea that is possible and do work extremely well. On the internet you will find many nonprofit organizations conducting amazing home raffles. There are many ways to have a home donated to your organization. You can speak to realtors and the chamber of commerce about possibly joining together for your cause and your raffle.

For marketing your home raffle, you can team up with radio stations and news papers to get free advertising that would otherwise cost you thousands of dollars. Approach the largest radio stations with an option to become a sponsor for your raffle fundraiser.

These are just some raffle ideas that you can use to raise funds for your organization.



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Raffle Ideas For Your Nonprofit Organization


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Saturday, December 30, 2006

Donate Your Car for a Cause

By Charles Davidson



In the last few years, the idea of donating older cars to charity is an idea that has begun to take hold. Spurred on by tax advantages, many people like the idea of helping a good cause and getting a little benefit from their action.

Because it’s such a new idea, donating a car to charity may make people nervous. They don’t know what to expect or how to go about it. As a result, it’s easier to sell a car or have it towed off to a junkyard.

It’s actually very easy and most charities that accept car donations will help you through the process. Here are some common questions and answers about car donation programs.

Are Car Donation Programs Real?

Some people doubt whether car donations are real. It doesn’t make sense to them to give a way a car, even if there are some benefits to the donor. They are caught up in the idea that it doesn’t sound right and there can’t possibly be a way to benefit from car donation.

Car donation programs are real and the IRS does offer tax benefits to anyone who donates a car to charity – just like the benefits for making cash donations or contributions of clothing or furniture. The only restrictions that apply involve the amount of money you can claim as a deduction on your tax return.

How Do Car Donation Programs Work?

Many charities accept car donations with the idea that they can turn around and sell the car at auction. The money from the proceeds can then be used to pay the expenses of the charity’s programs.

Other charities accept cars in order to provide them to people who need transportation. In our society, cars are considered a necessity. Someone without a car can feel removed from society, isolated and facing discrimination. Opportunities – jobs, education, and social activities – can be missed when someone doesn’t have a car. These charity organizations provide cars for people who need them.

Other organizations don’t regularly accept cars but will accept a vehicle if it helps them fulfill their mission. A soup kitchen, for example, might have a need for a new truck to help them pick up food and supplies and deliver them to the kitchen. Since the donation of a delivery truck would help them with their primary purpose, they would rather keep the truck than to sell it or give it away.

Do People Really Donate Cars to Charity?


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Donate Your Car for a Cause

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Tuesday, December 26, 2006

Wondering What To Do With That Old Car, Why Not Donate It?

By Gregg Hall
How many cars do you have in the driveway? One, two, maybe more? Do you use them all? Are they all really necessary? While it may seem that you need each car, it may be that having more than one is actually costing you more than you think.

Consider how much the insurance is costing you on that second car. Couldn't that money be better spent elsewhere? Do you have children? Will they be going to college? The money that you are spending on insurance could be saved for a college education. College isn't getting any cheaper; in fact, the prices are climbing more every year.

Here is a crazy idea, why not donate a car to a charitable organization?

Are you too busy to try to sell the car?
Is there any use for the old car?
There are organizations that would be willing to tow it away for you for the donation.

What are the incentives to donating a car?

Helping people in need (obviously).
An excellent chance that you could write off the resale value of the car as a tax deduction.
The organization would more than likely be very willing to let you know what price they received for the car when they sold it.
You in turn, would supply this information to the person who does your taxes so it could be put in your tax return.
In other words, this helps you as well as the organization.

A car donation works basically the same as any other donation with the exception that the organization will sell the car and then use the money that they receive for the car for something good. The organizations can be for anything. They can be cancer organizations, homeless organizations, Make a Wish type organizations, etc.

When you donate the car it is considered a donation for what the current Kelley Blue Book value is. The mileage is also considered in the value of the car. When you donate the car the organization will give you a receipt for the car with the current Blue Book value on the receipt. This helps in showing that the donation was a legitimate donation especially if the name and address of the organization is on the receipt. Another situation where a couple of bad apples have spoiled the whole bunch, some people have made up deductions so it is always a good idea to have proof.

If the person would sell the car and get more than the Blue Book value for the car they would have to report that as a gain and then report that on their taxes and actually have to pay taxes on that gain. But, if the person would get less than the Blue Book value the person would not be able to report that as a loss unless of course they were in the business of selling cars. In other words, a car salesman could report that as a loss but a grocery store owner could not.

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Wondering What To Do With That Old Car, Why Not Donate It?

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Monday, December 18, 2006

Reasons Why Car Donations Work

By Michael Rad
You might find yourself in the following situation: your car recently broke down and fixing it will actually cost you more than its worth or more than you expect. By saving the money required for the mechanical support, you might use them to purchase a new and better car. Secondly, car donation gives you a great satisfaction, because it is a noble and meaningful gesture. By understanding that you can help others in the process, you might find it easier to let go of the car you have been driving in the past years. Some of the charitable organizations work to support children and their needs to get a car for their daily duties. There are others organizations that work for the less fortunate people, who simply can afford a car, although they are in great need of one. Finding a great and meaningful cause and supporting it might be more fulfilling than you expect.

Another reason to consider a car donation is the old age of your car. If you have problems due to its increased mileage and great number of years, which imply frequent visits to the mechanic and various conditions that take a lot of your time and money, then opting for car donation might be the answer. Even more, most of the charity foundations will fix up the car before actually offering it to the ones who need it. You might find yourself in the situation of relocating to a far place or simply wanting to quickly sell your car. If you already decided to give up your car and you are thinking about fast and safe ways to do so, then opting for car domination is the right solution. Car donation saves you the hassle of finding a buyer, presenting the car too many times, haggling about the price and dealing with the frustrating paper work. Car donation is a great choice if you are in search of a new and better car or if you are simply trying to get involved in a charitable activity, which is affordable, meaningful and easy to follow.
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Reasons Why Car Donations Work

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Sunday, December 17, 2006

It's Not A Joke: Donate Your Car

By Tom Sample
Donating cars to others can make a very big difference in people's lives. But, when you do make the choice to donate a car, you should be certain the vehicle you're giving away is one that will truly help the person who receives it.

When you donate cars, it's very important to be certain you really want to give a car away. A donation of a car is a big investment in charity. It's also something that will be a very big deal to the person who receive the car you've donated.

If you think about it, when you donate a car to charity, the gift can really help give someone freedom to pursue their dreams. Very often all that stands between a person and independence is an ability to get to where they need to go. Everything from employment to medical appointments can depend on having reliable transportation. A gift of a donated car can really help give this to someone who desperately needs it.

Single people, families and single parents can all benefit from donated cars. When the cars are solid and they come with no strings attached, they can serve as a much-needed hand up to assist a person in building their life anew.

To make sure your donated car is a good gift for its recipient, it's important you do a few things before you turn it over:

* Clean the donated car inside and out. Make sure the people you intend to donate the car to know you think they are important by ensuring the vehicle is properly cleaned and detailed.
(...)
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It's Not A Joke: Donate Your Car




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