With the start of the New Year and tax time right around the corner you are probably looking for items that you can deduct to reduce your taxable income. Since the laws on what can be claimed vary from state to state and country to country there is a lot of confusion about what a deduction can be. In the US the Internal Revenue Service (IRS) has many documents that can be use to determine what can and cannot be a deduction.
One aspect of tax deductions that is increasing in popularity has been car and vehicle donations. A simple process that both the donor and the charity can benefit from. A perspective donor gives a vehicle to a registered charity. That charity does one of several things with it.
They can sell off the vehicles in running order and use the proceeds to fund their organizations.
If the vehicle is not on running order it may be repaired or sold as scrap.
Either way the charity benefits from the donation and so do the worth while causes they support.
It is a simple process, however, as a donor you have to determine a couple things before you can legally write off any contributions made by donating your car.
First you have...
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