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.
Article Source:
Donate a Car to Benefit Charities and Yourself
Tags: Car
Donate Your Auto
NLP na Mazurach
Mazury
Tuesday, February 6, 2007
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.
Article Source:
Donate Car For Tax Deduction - The Rules
Tags: Car
Donate Your Auto
NLP na Mazurach
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.
Article Source:
Donate Car For Tax Deduction - The Rules
Tags: Car
Donate Your Auto
NLP na Mazurach
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.
Article Source:
Raffle Ideas For Your Nonprofit Organization
Tags: Car
Donate Your Auto
NLP na Mazurach
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.
Article Source:
Raffle Ideas For Your Nonprofit Organization
Tags: Car
Donate Your Auto
NLP na Mazurach
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