#car donate

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Which Charity Should I Donate My Automotive To?

Which Charity Should I Donate My Automotive To?

Sometimes You want to donate your car to charity. Many charities need this donate and this car for many reasons.

It’s obtaining that point of year wherever most are searching for ways in which to maximize their write-off opportunities before years finish.

Many of us WHO have a second user vehicle square measure selecting to present their automotive to charity and reap all the advantages of doing…

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Car Donation Charities & Organizations

With a countless amount of charities accepting car donations, it can be overwhelming to pick the right one to whom you want to donate your car. If you are ready to donate your vehicle, follow our guide best option for Donating Used Cars to Charity .

Is Your Car Donation Tax Deductible?

Donations are tax deductible only if the charity selected has been recognized as an “exempt organization" by the IRS. Most often exempt organizations are referred to as 501(c)(3) organizations. Don't hesitate to ask—charities keep proof of their non-profit status handy for donors. You can also look up the name of a charity on the IRS website if you prefer.

Also keep in mind that charitable contributions are tax deductible only if you itemize your deductions on your annual tax return. If you don't itemize deductions, your charitable gift will not be taken into consideration in the calculation of your taxes.

Uses for Your Donated Car

Charities are required by the IRS to use a donated car in very specific ways. You can expect your car to be used as follows:

The charity will use the car to conduct activities related to its mission.

The charity sells the donated car and uses the profit to further its charitable activities.

The charity re-gifts the car to a needy individual, as long as the mission of the charity is to help the needy find transportation options.

For example, if the mission of the non-profit is to plant trees and flowers in poor neighborhoods, your donated car may be used to transport gardening tools and supplies.

Sometimes a charity will hire a separate company to manage the vehicle donation program. When this is the case, double check that the donation of your car is tax deductible—sometimes the deduction does not carry over when a business is involved. In this case, it's also likely the non-profit pays a fee to the company it has hired and therefore receives less from your donation.

Selecting a Charity for Car Donation

Selecting a charity for car donation can be hard to do. There are some ways you can break up the process to make it a little easier to accomplish.

First, think of what cause you would like to support. Once you know that, you can then find non-profits working in that field that accept cars as a form of donation.

Next, take the list of non-profits you have developed andlook them up on a review website (such as Charity Navigator) to learn more about how well the non-profit is run. The hardest part can be narrowing down your choice from several runners-up to the final winner.

If you don't care about what the charity does and donating used or old car to chairty or simply want to give away your car for the tax credit or for money, then try using a site like DonateACar.com. In this case, only a portion of the value of the car will go to the non-profit.

When you're donating in-kind goods like a car, you should also learn about what specific steps need to be taken to make the gift. Do you have to drop off your car and arrange for someone to take you home? Or will the charity come pick up your car? Be sure to ask the non-profit you select  prior to Donate Car for Tax Credit.

There are also a number of specific requirements from the IRS about the kind of receipt you need for your files and how to calculate the value of your car. You should understand this before you donate your car. You can learn more on our Tax Deductions & Car Donation page.

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When to Donate Your Car

Donating used cars to charity has become a very popular way to make a charitable gift. It can seem like less of a financial burden than writing a check, and the charity will likely have a good use for the car. The real question is whether or not it makes financial sense for you to Donate your Car for Money .

Is It Time for a New Car?

The first question to ask yourself isn't whether or not to donate your used car to charity, but whether it's time to get rid of your car. Some people like to replace their car every time their lease is up and the car is still in great shape. Others will drive their car into the ground, nursing it through repairs until it can go no farther. Obviously, the value of these two cars is very different, and the decision to keep the car depends on what your financial situation and values are.

It generally makes sense to think of disposing of your car when it begins to cost you more time or money than you deem it is worth. A variety of situations can lead you to this when you are to donate your car for money, such as:

Your car is unreliable or needs many little repairs that you don't want to undertake.

Your warranty has expired.

Your car needs expensive repairs.

You no longer drive much and the insurance and registration costs are a nuisance.

Determine Your Car's Worth

One way to help decide whether you're ready to give up your car is to find out how much it's worth financially. You can look up the “blue book value" on the Kelly Blue Book website. There you will get a ballpark estimate against which you can balance your costs.

If you do believe it's time to get rid of your car, the question now becomes: Would you prefer to sell the car for the book value, trade it in for a new car, or give it away to a charity?

Understand How Your Taxes Work

The question here are you going to Donate Car for Tax Credit. Don't forget that you can only deduct a gift to charity on your taxes if you itemize your deductions. If you don't itemize deductions, your charitable donation won't be taken into consideration.

Another important point to consider is the value of your deduction. For example, a $1,000 donation to charity doesn't mean you'll pay $1,000 less in taxes. It means that $1,000 will be subtracted from your annual income, so you will pay taxes on a smaller amount overall even after you donate car for tax credit.

What Makes Sense for You

When it comes to supporting then Donating used cars to charity is a very personal choice. Charities fill an important role in society and have seen their funding cut while demand for their services increases. On the other hand, you may need a new car to replace the one you plan to dispose of.

Ask yourself a few questions:

Will I need a bigger loan to buy a new car if I don't sell my existing car? How much more is that going to cost me in interest payments?

How much of a deduction will I get exactly for my car?

Will I be itemizing deductions next year or taking the standard deduction?

How much is the deduction going to save me on my taxes?

Is donating my car easier than trading it in or selling it myself?

Once you've arrived at the answers to these questions, you'll very likely know whether or not car donation is the right choice for you when you are about to Donate your Car for Money.

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Donate Car For Tax Credit   (via https://www.youtube.com/watch?v=bXaje_h1Nlk)

[ivaykin]

Car donate

Car donation is the practice of giving away no-longer-wanted automobiles or other vehicles to charitable organizations. In the United States, these donations can provide a tax benefit and have become very popular. Some critics have claimed that car donations are essentially a tax shelter. However, non-profit organizations in the US have come to rely increasingly upon the revenue from car donations. This type of donation has become increasingly widespread; in 2000, 733,000 U.S. taxpayers reduced their taxes by $654 million. Vehicle donations in America are operated in a wide variety of plans, ranging from highly organized and professional-grade not-for-profit, national, or local charities to scrap yards, haulers, tow-truck companies and salvagers who establish programs that may support a charity.[4] According to Charity Navigator, the guidance of the rating agencies concerning car donation programs, where the charity receives a flat fee for the use of their name by a third party, versus program management by a third party,there are some questionable companies who contract to use a nonprofit’s agencies name and logo to raise funds and then just give them a flat fee unrelated to income or performance. This is frowned upon by rating agencies and the government. However, a percentage return program is viewed positively if the nonprofit receives more than 50% of the generated income.[5] Programs that engage a third party, but with a "cost maximum cap" involved, such as with national charities like the Society of Saint Vincent de Paul, performance in this area is exemplary, with 70-80% on average being returned to the nonprofit.

Many charities run donation programs. All of them accept car donations, such as Goodwill, Salvation Army and even the American Cancer Society. Many charities will use your car donation directly to transport volunteers and supplies to areas that need help. Some even have their own car lots which sell the donated cars but many have their donations processed through auto auction companies. Many processing companies also collect and sell donated cars and distribute the money to a charity the donor indicates. The processing company typically takes a percentage of the sale value of the car, but these programs allow charities without their own facilities or staff dedicated to fund raising to benefit from vehicle donation programs.

Ideally, donors should also investigate how much money from the sale of the car goes to the auction processor and how much actually benefits the charity's programs, as opposed to its administrative overhead.[1]

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