Giving Gives Hope

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The coastline of California goes on for miles, which means there are a lot of boats in this beautiful state. All along the coast, there are thousands of unused yachts sitting in Harbors and marinas in places like the Los Angeles Harbor, and the San Francisco Bay.

If you are one of the many California yacht owners and are seeking a way to get rid of your boat, a charitable California Yacht donation may be right for you. Yacht donations are a beautiful means of charitable giving, but the process may not be as simple as some may think. With some thorough planning, research, and advice of a trusted tax professional, you can be on your way to a great way to give back to the community.

The rewards are doubled. The tax deduction it self, in most situations, is more than what you could get for it than by outright selling it. Just make sure you do your homework when choosing a charity to donate to. To qualify for a charitable tax deduction, the charity you choose must be an IRS-approved 501(c)(3) organization, like Boats with Causes. You can always check a charities status through IRS Publication 78. Your California yacht donation can be a tremendous blessing for many charities.

Keep in mind, to maximize the donation benefit you are able to receive, you will want to claim the FMV (fair market value) of your yacht. The FMV has to be determined by an appraisal from a certified marine surveyor. For vessels with values larger than $5,000, an appraisal is mandatory. In order to claim the FMV of your yacht, the IRS requires the vessel to be retained by the charity for “significant intervening use.” This means you will most likely want to know what your chosen charity’s intentions are for the yacht before you complete the donation.

Yacht Donation Benefits Laid Out

The benefits of donating your Yacht to charity are numerous:

Tax deductible

The paperwork will be handled for you, including the charitable tax deduction forms.

Immediate disposition of a yacht that is slow to sell and costly to maintain.

You gain the satisfaction that comes from supporting those who are truly in need.

*Contact your tax advisor for more information on how to fully deduct your charitable boat donation.

Here are some quick faqs for a California yacht donation:

Do I need a title to donate my yacht in California?

Yes, regardless of yacht, you will need a title for a yacht donation.

Do I need registration to donate my yacht?

Yes, you will need your registration to donate any kind of yacht.

I don’t have my title- how do I get a new one for my yacht?

Visit https://www.dmv.ca.gov/portal/dmv/detail/boatsinfo/boatreg to find out more information about getting a new title or registration for your boat in California.

Who can I contact about my title and registration?

The Department of Motor Vehicles is the agency where you can get your boat title and registration. You can contact the DMV of California by visiting http://apps.dmv.ca.gov/fo/offices/toc_fo.htm.

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Thinking About A California Car Donation?

Most California residents know it is easy to love the warm weather, beautiful coastline, and natural resources of this incredible area. Here’s more good news about living in the Golden State: making charitable Car Donations in California is easy.

Giving Center would like you to know that whether you are thinking about making a car donation, truck donation, boat donation, motorcycle donation, RV donation, or jet ski donation, your unwanted vehicle can be a huge resource to local California communities. No matter if you live on the Pacific coast or near the Redwood forests, consider a California vehicle donation picked up. With the many great charities in California, a car donation can often be towed away at no cost to you!

Donating a vehicle to charity is an unselfish act. Many charities, like Giving Center, will gladly welcome this type of donation and praise car owners for their generosity.

When donating a vehicle in California, donors must follow a list of DMV requirements that are mandatory.

Steps for a California car donation

So, you have lost interest in driving your vehicle and decide to donate to a worthy charity. Obviously, the first thing you will need to do is to find a reputable charity that accepts the donation of your vehicle. Do your homework and make sure you pick one whose charitable mission you can stand behind.

After that, you will need to calculate the average market value of your car. This will help you file taxes later. Make sure to come up with a fair value, as you may need to prove this if the IRS decides to take a look into it.

You might need to visit the DMV to handle this procedure as with any other type of transfer that involves selling/buying or even gifting a vehicle.

Here’s a break down of the steps you need to complete before donating a vehicle:

Find a charity.

Follow the IRS requirements for car donations.

Fulfill the CA DMV requirements.

Cancel your auto insurance immediately.

Transferring your car title in California

A vehicle title is proof of ownership. Title transfers also include donations, the process is very similar to when gifting a vehicle but there are some areas that require careful attention.

As an example, car donors must submit an updated smog certification which is dated within 90 days. At the same time, car donors may get a tax deduction depending on the charity they give their car to.

Here are some steps you will need to follow in order to complete your vehicle title transfer for car donations in California:

Complete and sign your car title.

Report odometer mileage reading, if your vehicle is less than 10 years old.

Fill in a Vehicle/Vessel Transfer and Reassignment Form (REG 262), this is only available at the CA DMV.

The legal representative of the charity (recipient) signs the vehicle title.

Complete a Notice of Transfer and Release of Liability form (REG 138), this must be submitted within 5 days after the date of transfer.

Once you complete these CA DMV steps, the donation process is officially over and you do not have to worry about any future hassles.

Are car donations made in California tax-deductible?

Vehicles donated to any California nonprofits classified with the IRS as a 501(c)(3) charitable organization, such as Giving Center, are tax-deductible.

What paperwork is needed to donate a vehicle in California?

Charities will need the title for the donated vehicle. If you do not have the title, you can still donate your car in California by completing the following forms: REG 227 and REG 262. You may get both of these from your local DMV. You must sign both forms as the seller.

How should I sign my California title when donating my vehicle?

Begin with completing Line 1, on the front of the title. Don’t sign on the back. All owners must sign the title if there are multiple owners joined by “and” or with “JTRS” following their names.

The odometer disclosure statement is required to be completed on all vehicles which are 10 years old or less.

Do I remove my California license plates before my car donation is picked up?

In the state of California, the license plates remain with the vehicle.

How do I release the liability of my donated vehicle in California?

The California DMV requires the donor to mail in the “Release of Liability” form that is attached to your title on the day that the car donation is processed and the vehicle is picked up by our agent. If you do not have a “Release of Liability” form, you can download one from the California Department of Motor Vehicles website.

Visit Giving Center online now to find out more ways to give back!

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The Experience Of Donating Money To Charity

Certain factors have an impact on giving, this does not mean that you should put off your charitable efforts. You might be surprised to learn that, ultimately, it could be you who reaps some of the best rewards of your donation. Here are just nine results of giving to charity.

Experience More Pleasure

In research conducted by the National Institutes of Health, subjects who chose to donate a portion of $100 were given enjoyed activated pleasure centers in the brain. Although this experiment was controlled and scientific, it showed that donating money simply makes you feel good, which is something we can all benefit from.

Help Others in Need

We do not live in a perfect world, and there is never really going to be a perfect time to give — but there are always people who need help. Whether it's interest rates rising, the economy in the doldrums, or even if you are experiencing financial difficulties of your own, the reality is that when you donate money, you help others who need it.

Donate Now

Get a Tax Deduction

If you donate to an IRS-approved charity like Giving Center, you can write off donations on your tax return. Some restrictions do apply, though. To learn more about them, along with if a particular charity has IRS approval, check the IRS website for a lift of certified charity organizations. Donating cash is a great method to reduce the amount of money you send off to Uncle Sam, and it's for a good cause, to boot.

Bring More Meaning to Your Life

When you donate money or other assets to charity, you create opportunities to meet other people who believe in the same causes that inspire you. That can infuse your everyday life with more meaning. If you have been stuck in a rut, whether it's personally or professionally, sometimes the simple act of donating can do the trick and reinvigorate your life.

Promote Generosity in Your Children

When your children see you donating, they are much more likely to adopt a giving mindset as they grow.

Motivate Your Friends and Family

When you let friends and family know about your charitable donations, they may find themselves motivated to undertake their own efforts to give back. It takes a village to address issues such as poverty, scientific advancement, and early childhood education. Stoking the passions in the folks around you is a very positive and tangible effect of your own giving.

Realize that Every Little Bit Helps

You do not need $10,000 to make a difference in someone’s life. In developing countries, even just a few U.S. dollars could result in a whole week’s worth of meals for starving children, much-needed medical attention, and even improved schooling. Don’t think of your cash donation from an American economic perspective.

Improve Personal Money Management

If you set a regularly scheduled $100 donation each month for a particular charity, it can motivate you to be more attentive to your own finances in an effort to ensure you don’t fall behind in your monthly donations. Anything that can get you to pay closer attention to your bank account is a good thing — especially when it helps those in need.

Give, If You Can’t Volunteer

This might not necessarily be a positive effect of charitable giving, however, if you are simply too busy to volunteer or otherwise donate your time, giving money or assets is the perfect workaround. Don’t think that you can’t improve someone’s life or even the world if your personal or professional schedule won’t allow the time.

Things To Be Wary Of

Never give to anyone who is directly asking for money on the street. The last thing you want is to find out is half, or more, of your charitable donation to be siphoned by a professional solicitor or scammer. Think twice about putting money in the plastic box next to the cash register, even if it has a heart-string tugging picture on it (unless it’s a tip jar). Be very suspicious of any charity that uses heavy ads to solicit money: that just means they have a big marketing budget.

Trust your money to the charities you find, not to the ones who find you. Give to the cause you willfully decide to back — not to the one in who is constantly in your face doing the big ask. If your charitable donation includes a gala night or tickets to some grand event, it’s not charity, it’s consumption.

Don’t confuse the worthiness of a charity with the worthiness of the cause it supposedly backs. Most of us would like to see wonderful things like peace on earth. That doesn’t necessarily suggest that a charity with peace on earth as its goal would have any clue as to how to use any money given to them.

If you are unsure where to donate, check out the With Causes Charitable Network. Understanding the positive effects of donating to charity is important.

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Times Running Out For A 2020 Charitable Donation Tax Deduction

Many Americans across the nation look at the end of the year as an opportune time to convey gratitude by making charitable donations. It is estimated that 30% of annual giving happens in the month of December, and 10% in the very last three days of the year, as stated by Nonprofits Source, a digital marketing consultant for nonprofits.

When you are able to claim a charitable tax deduction depends entirely on how and when you donated. Gifts made at the end of the year can be tricky, but the Internal Revenue Service (IRS) lays out specific situations to help make claiming a charitable tax deduction less confusing.

Donation Dates

Donations to charities, like Giving Center, are deductible on your taxes for the year you donated. Here's a quick example:

Let's say you donate clothing to a charity on Dec. 31, 2019. You must claim this deduction for your 2019 taxes. In contrast, if you donate to a charity on Jan. 1, 2020, you will have to claim the deduction on your 2020 taxes.

When Giving Cash

U.S. Postal Service delivery. If you are mailing a check to a charity through the post office, your donation is good for tax-year 2020 only if the postmark on your envelope or package is before midnight on Dec. 31, This is to conform with the Treasury Department’s “delivered when mailed” rule.

Be wary, do not just drop your envelope in the mailbox; it is possible it might not get postmarked until Jan. 2. If you have found yourself working against the clock, it is better to send it registered or certified mail. Make sure to keep the receipt and a copy of your canceled check to keep on file. Another option is to send it via Express Mail.

Delivery by private mail service. If you are sending a check to a charity through private services like UPS, the IRS’ rule of “delivered when mailed” does not apply. However, it does apply when you send a tax return via private mail service. So if you decide to send a check with this method, you will need to contact the charity you are donating to on or before Dec. 31 to make sure that it has received your payment. If it's possible, ask for a confirmation via email.

Credit card. If your charitable donation appears on your credit card statement as a December charge, it is good for 2020. That is the case even if the charity does not get around to processing your donation and sending you your receipt until January.

Text message. If you donate to a charitable mission by putting a code into your cell phone, the donation date will later appear on your cell-phone bill. If the donation shows up as a charge on your cell-phone bill made before Jan. 1, you can itemize it for 2020.

Pay-by-phone account. In this scenario, you respond to a text message by linking to a mobile-optimized web page that takes your credit card information. The date of the charitable donation is the same as when you pay by credit card. Again, it is good if it is no later than Dec. 31. You will find that date on your credit card statement.

Donating Investment Securities

Electronic transfers of securities. If you direct your broker to transfer securities to a charity, it will be considered a done deal only when the funds are transferred from your account into another account. Stock and illiquid assets can not be in transit; someone has to own them.

The electronic transfer of ownership takes place almost immediately with investment securities. Larger charities tend to have their own brokerage accounts, this means transferring securities from your account to the charity’s happens as soon as your broker puts forward your order.

If you happen to be donating to a smaller charity without a brokerage account and are worried about your donated stock counting toward the current year’s deduction, you may want to consider contributing through a donor-advised fund.

A donor-advised fund is similar to a charitable savings account; you transfer your securities into it and receive a tax deduction immediately. You can then take your time deciding where the money should go. When you have decided where the money will go, the fund takes responsibility for giving out your securities to the charities you have named.

Your charitably donated securities are eligible for a tax deduction the very moment you have transferred them to a donor-advised fund. This is because the fund is itself considered a charity by IRS standards. The value of your charitable donation for tax purposes will stay the same even if the securities end up dropping in value by the time they are actually distributed to your chosen charity.

Donor-advised funds are suitable for anyone who receives a significant tax benefit from charitable giving.

Stock certificates. In the rare case that you are donating stock certificates, you will need to make sure you have properly endorsed them; be sure to check with the issuing corporation for proper directions. If you decide on mailing the certificates yourself, it will follow the same rules as a mail-in check: the donation date is the same as the postmark date.

Donations Limits

There are limits to the amount of charitable contributions allowed during a single tax year. Your total charitable deductions are limited to 50% of your adjusted gross income (AGI). Furthermore, only donations to select organizations will qualify for the highest limit. Charitable gifts to certain qualified conservation organizations might be eligible for a higher limit.

Examples of organizations that are eligible for the 50% AGI limitation include churches, educational institutions, and hospitals. A lower limit, of 30% of your AGI, applies to various other types of charitable groups. Examples of organizations that fall into this category are veterans’ organizations, fraternal societies, nonprofit cemeteries, and certain private foundations.

Your word alone is not sufficient proof for the IRS. As a taxpayer, you must keep detailed records to prove your charitable contributions. To be able to claim a deduction for cash, you have to maintain a written record, canceled check, letter from the organization, or a bank/payroll debit.

Temporary Suspension of Limits on Charitable Donations

In many cases, the amount of cash donations taxpayers may deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60%) of that taxpayer’s AGI. Qualified charitable donations are not subject to the same limitations. Individuals can deduct qualified donations of up to 100% of their AGI. On the other hand, a corporation can only deduct qualified donations of up to 25% of its taxable income. Charitable donations that surpass that amount may carry over to the following tax year. To qualify, the charitable donation has to be:

cash donation;

made to a qualifying organization;

made during the calendar year 2020

Unfortunately, charitable donations of non-cash property don’t qualify for this relief. Taxpayers can still claim non-cash donations for a deduction, but it will be subject to the normal limits.

Carryovers

If you make charitable donations that are over your contribution limit, you have the option to carry over the deduction to future tax returns. For instance, if you happen to donate $30,000 to a 50% organization in 2020 and your AGI is $50,000, your deduction will be limited to $25,000. You may then carry over the remaining $5,000 deduction to your 2021 tax return. You will have up to five years to claim these charitable contributions or up to 15 years if the donation was to a qualified conservation contribution.

The Bottom Line

Do not let all the rules and regulations deter you from claiming a charitable deduction. For more specific guidance about what is and is not allowed, you can download a copy of IRS Publication 526 and Form 8283 (for noncash charitable donations) for an easy reference and check the IRS Charitable Contribution Deductions to explain any potential charity contribution limits.

Visit Giving Center online to find out all the ways you can give.

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Lawyers And Philanthropy

Pro bono means “for good.” True to the oath, the American Bar Association suggests that all lawyers give at least 50 hours of unpaid legal services per year as a professional responsibility to give back to the community. Traditionally, that work has been conducted on a one-on-one basis, with lawyers on the lookout for both people and causes they could help.

Now, how lawyers work for good in many different ways, including computer donations through the Learn From Home Project. The sentiment that doing good is no longer reserved for non-profits is rapidly taking off. The call to go beyond “business as usual,” has reached near-expectation status for bot big and small businesses, including the law sector.

The Learn From Home Projects charitable program is not meant to replace the usual pro bono service, but to help direct law firm donations to a specific need. Learn From Home Project (LFHP) is a dedicated program aiming to create a more socially responsible avenue that involves attorneys and law offices donating their dated office equipment and computers. The fast pace of computer innovation has resulted in more and more powerful systems at lower prices. Every time an office decides to upgrade their computers to gain the latest and most secure systems, they are left with an older computer that no longer meets their current needs. Along with that is a growing awareness that old equipment cannot be dumped in landfills, and most times, they can still be utilized by those who are in need of such devices.

The need for donations of resources is ever-growing. Philanthropy is becoming increasingly overtaxed. There are over 50 million people living below the poverty line in the U.S. who can’t count on government support. Philanthropy is constantly changing and adapting.

The Dilemma Of Discarding Older Devices

Some law firms put their money where their hearts are by setting up their encouraging employees to contribute to important charitable missions. With LFHP, firms can confidently donate their used computers.

Law firms are often plagued with the question of what to do with the sluggish, tired computers. This carries great importance because of the dilemma of client confidentiality. Just as attornies would shred outdated paper documents, files on hard drives have to be kept private or destroyed when discarding older devices. Removing the hard drive from the computer is one of the easiest ways for a law firm to guarantee client confidentiality. Once a device is outdated, there is no reason to further retain the computer, that is where the Learn From Home Project comes in.

FOR GOOD

Socially conscious business models have been sprouting up to help alleviate the stresses on traditional nonprofit and philanthropic entities. Currently, there is a growing need to extend and repurpose technology. It can often be an unforgettable experience that can enhance and align the spirit of everyone in our communities.

Although philanthropic business models have been around for decades, the lines between traditional charity and for-profit companies that support social good are becoming increasingly blurred. Because of this, the private sector is advancing as more and more companies create innovative ways to become more socially conscious.

Learn From Home Project is a dedicated program under the umbrella of Computers with Causes and the Giving Center. LFHP receives donated technology and equipment from members of the legal profession and then gifts them back out to individuals in need who are learning or working from home.

The project is able to accept a wide variety of computer donations throughout the United States. Computer donations, tablet donations, convertible laptop donations, gadgets donations, and bulk donations of servers go a long way.

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Holiday Season Donations

The holidays have arrived. As the charitable giving season comes into full swing, people are opening up their wallets more so than in years past. This means hundreds of charitable organizations across the U.S. are hoping to tap into your generosity for charitable contributions.

The holiday season is certainly the time of year that many Americans feel like giving back to those in need. For many, donating to the less fortunate is a part of the season’s celebration just as much as lights and carols. Three times as many people make charitable donations during the holidays vs. non-holiday months. That being said, don’t let the holiday spirits lead you to make donations blunders.

Giving Center would like to offer you some quick tips for making smart charitable donations this season.

Pick your passion

This first step in donating to a charity is to find one. Think about the causes that fire you up: What change you would like to see? Which injustice would you right if you had the ability to?

Think about everything from saving the oceans, to aiding those less fortunate, there are charities for nearly every cause. Once you decide on the charitable mission you would like to focus on, choose whether you want to donate locally, nationally, or even internationally. There is no right or wrong answer.

Make sure your charity is legitimate

Find a charity worthy of your gift. Charity scams run by rip-off artists who prey on the good intentions of others tend to be big business this time of year. Some so-called charities are not even IRS registered tax-exempt organizations. They are a front to siphon money into someone’s pocket. Look for a trustworthy 501(c)(3) charity, like Giving Center, to guarantee your charitable donation will go to a good cause.

Look out for excessive administrative expenses

Make sure your donation will be put to good use. A charitable organization should spend at the very least 65% of its money on mission programs and activities related to its cause.

65% may be the minimum, but you can find many charities that go above and beyond this.

Make your money work harder

Once you have made a few donations to different charities, your mailbox may likely begin to fill up with solicitations. It can be very tempting to spread the wealth out and give a little here and there. In actuality, your donation may go further if you center your donations on one charity.

Keep in mind that each organization will have handling and processing costs associated with collecting your donation.

Donate directly to charity

You should never make a donation to a telephone solicitor. The solicitor may not even be legitimate.

Be wary of telephone charity scams that use similar-sounding names to those of better-known organizations. They may also say they are raising money for specific causes that are designed to tug at the heartstrings, like supporting military families, or veterans.

In this instance, your donation will be used to profit the person calling.

Give more than money

Do not forget that your chosen charity can likely use more than just money. In addition to the usual items you think of when making a charitable donation, charities can also benefit from your time. Many charities, like Giving Center, can use extra muscle when collecting pickups. Soup kitchens can often use hands to serve food. Environmental groups can utilize feet to survey land. If you have a useful skill, like Web design or marketing, you may be able to donate those services.

When you volunteer, it is a win-win. Volunteering equals less money a charity needs to spend on hiring help, and it gives you a chance to make a difference.

Don’t let this year's hectic holiday season keep you from supporting a cause you truly believe in. You can make a difference this holiday season!

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Own A Business? Consider Charitable Contribution Strategies

A new study recently found that if given the choice between two similar companies which offer services or products at the same price point, 82% of consumers would be influenced by whether the company has been philanthropic.

Another similar study shows millennials have driven the social responsibility movement to all new heights. 70% of the individuals report that they are planning on spending more on brands that support favorable causes. Millennials now represent $2.45 trillion in spending power, the notion of “giving back” can be very powerful for your businesses sales, not to mention, it’s overall purpose.

You do not need a huge budget or full marketing team to execute a strong “giving back” campaign. Corporate donation is a great way to generously help a charitable organization that matters to you, your employees, and your community. Most businesses are able to make charitable donations each year. There are lots of benefits to corporate donations, but here are four that you might want to consider.

Employee Morale

Corporate donations allow companies to take active roles in their own communities and can also lead to a huge boost in employee morale. If a company chooses to make a corporate donation, workplace culture may improve with increased employee involvement and a positive general attitude. Millennials are reportedly twice as likely to rate their corporate culture as very positive if their company participated in workplace volunteer events. Employees really respect companies that care for their community — it makes employees feel good, and increases the emotional attachment to their employer.

Increased Marketing

Philanthropic businesses tend to be some of the most powerful in the world. Charitable sponsorship is an awesome way to do good in your community, while also gaining marketing experience. Donations will put your company’s name out there. Just make sure that the charity mirrors your own company’s goals. For example, if your company makes or distributes computers and electronics, consider donating to a program such as Computers with Causes. That will show your current and future clients that you really care about your business and your community.

Tax Deduction

This is maybe one of the most direct benefits of corporate donations. You may not be able to see how your contribution benefits your community instantly, but you will quickly notice the tax savings. Of course, businesses should not donate to charity with the sole expectation of financial gain, but there are financial rewards for helping a charity in need. Businesses can generally receive tax deductions from sponsoring charities or events, but your need to make sure to follow the rules and go about the process in the right way in order to comply with all existing tax requirements.

It’s Good for Your Community

Charitable contributions have numerous benefits, but perhaps the most important one is obvious: you should give back to your community. Charitable contributions help better your community, and the public will take notice if a company is making a real effort to improve its surroundings. Your company’s charitable donations can help improve schools or parks, giving children safe places to learn and play. And, if you choose to donate to a nonprofit organization that conducts medical research, you could also help in the effort to cure diseases. The opportunities are both endless and extremely helpful.

One way to get employees to participate is to align the company’s donation choices with causes that have the greatest meaning to your particular workforce. For example, a tech company can choose to donate to Computers With Causes since they have technologies in common. There are a lot of reasons why companies do not donate to charities, but you can always help initiate change.

There are so many reasons why your company should make charitable donations, and any reason that motivates you is a great one. Donating to charities can help improve your business and work culture. It can also have a impact on others. Pick a cause that you believe in and make your community a better place to live. It’s always good for business.

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In Case You Missed It: 2020 Charitable Tax Deduction Changes

With everything that has happened this year, many charities, like Giving Center, are in need of support from individuals like you. With the help of communities across the nation food pantries, churches, and other charitable organizations can climb their way back to normal. The enacted government stimulus bill, “CARES Act”, does provide some additional tax benefits for donors to encourage more charitable giving in 2020. This makes it a lot easier to both give and save at the same time.

Standard Deduction and the $300 Above-the-Line Deduction

If you are planning on taking the standard deduction on your 2020 tax return, this may apply to you. You are able to now claim a brand new “above-the-line” deduction of up to $300 for any cash donations to charity you give this year. In contrast, donations to donor-advised funds and some organizations that support charities are not deductible. Normally, you are required to itemize on Schedule A to get a tax deduction for charitable donations. In this case, it’s the other way around — if you itemize, you can not take this new deduction.

Not sure if you will ll claim the standard deduction? Here are the amounts for a 2020 tax return:

2020 Standard Deduction Amounts

Taxpayers who are 65 years and older or blind may claim an additional standard deduction of $1,300; $1,650 if using the single or head of household filing status. For those who are both 65 and blind, the additional deduction amount is doubled.

Filing Status Standard Deduction:

Single; Married Filing Separately-$12,400

Married Filing Jointly-$24,800

Head of Household-$18,650

60% of AGI Limit Waived with An Itemized Deduction

If you choose to itemize on Schedule A of your tax return, you may claim a tax deduction for your charitable donations. However, the amount you can deduct for a cash donation is usually limited to 60% of your adjusted gross income (AGI). Cash donations over that amount are able to be carried over for up to five years and deducted later.

The CARES Act effectively lifts the 60% AGI limit for all cash donations made in 2020. Keep in mind, there is still a 100% AGI limit on all charitable contributions. What that means is itemizers are able to deduct more of their charitable cash contributions this year, which will hopefully, in turn, boost charitable donations. It is the same as with the new above-the-line deduction, donations to donor-advised funds and supporting organizations don’t count.

Visit the Giving Center online to find out all the ways you can donate and make change happen.

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Excess Inventory Donations

Excess or non-moving inventory is a very common business dilemma that also contains its solution.

When you donate idle merchandise to charities like Giving Center, your business can gain a federal income tax deduction under Section 170 ( e )(3) of the U.S. Internal Revenue Code.

The IRS Code states regular C corporations are able to deduct the cost of the inventory donated to charity, including half of the difference between cost and fair market value. Deductions can potentially be up to twice-cost.

For example, if you are a retailer of office products and you buy a desktop stapler for $2.00, your price to the consumer is $4.50. Your charitable deduction would be $3.25. If the markup is usually considerably higher, deductions are limited to twice cost.

If you are an S corporation, partnership, LLC, or sole proprietorship, you are allowed a straight cost deduction.

If your business can only a straight cost deduction, it may be advantageous to donate any stagnant inventory rather than liquidation. Liquidators will look for the lowest price they can get so their offer can be substantially less than your cost.

It is important to investigate donating inventory before negotiating with a liquidator. This will allow you to justify the product’s fair market value with the IRS.

Besides tax deduction, your company can gain other benefits by donating excess inventory:

Free up much-needed warehouse space. No matter if you own a warehouse or are renting space, storing products can end up being expensive. In the end, it does not pay to hold on to stagnant inventory that is not earning its keep.

Get down to the Just-in-Time inventory. If your business is a supplier and you are trying to reduce inventory levels enough to attain Just-in-Time delivery, non-moving inventory may be one a huge obstacle. Donating excess clears them out quickly.

Put your marketing focus on your top sellers. Non-moving inventory can eat up a disproportionate amount of your business’s time, money, and effort to clear it. In donating stagnant products to charity, your company can put your dollars into advertising and promotional purposes where they will do the most good.

Avoid problems with liquidating overstocks. Liquidators usually pick and choose and may not want to buy all of your non-moving inventory. This can leave you with the problem of what to do with the leftovers. Donating can often clear out your problem products all at once.

Help deserving nonprofits. Good deeds often translate into good will. You may ask your chosen charity to call the local newspaper to publicize your charitable donation. While a photo op of you giving away the donation may bring additional business, remember that it can also garner requests from other groups for donations as well. If you decide you would like to go with the publicity route, have a diplomatic answer prepared in case other groups call.

After you have consulted with your tax adviser and they recommended that donating non-moving inventory would be the right move for your business, how do you know which merchandise to clear? Here are some basic types of products to consider for donation:

Unneeded supplies. As new products are continuously introduced into the industry, you may be tied up with unwanted quantities of equipment or supplies that aren’t up to date. They may also not work as well as current products for a specific sector of the economy or are no longer part of what is being offered on the mainstream market; whether that be the office products industry or the school supplies sector. But they can still be useful to nonprofits and other like organizations with limited funds.

Slow-selling and non-moving SKUs. It is dangerous to fall for a stock or mutual fund and become reluctant to unload it when it’s not performing, it’s also equally unwise to fall in love with a stagnant inventory. Businesses should be continually aware of the need to constantly review their offerings, discard the slow-movers, and focus on the top-selling items.

Unsuccessful product intros. Sometimes new products just do not move. By donating these products instead of selling them to a liquidator, your business will do better when it comes to the bottom line.

Discontinued models, styles, colors. Manufacturers with a more efficient, high-tech version may replace older models of certain product lines. Non-moving inventory of this type can be donated instead of scrapped.

You should make sure that the nonprofit of your choice is a 501( c )(3), like Giving Center, since only that IRS classification of nonprofits qualifies for a charitable tax deduction. Public and private (nonprofit) schools may also qualify to receive these goods.

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Considering A jewelry Donation?

Jewelry donations and watch donations are gladly accepted by many charities, including Giving Center. These items can easily be recycled or re-sold to raise valuable funds to further their charitable mission. Charities have made it easier than before to donate jewelry items while also gaining a great income-tax deduction.

Charitable tax deductions for jewelry donations are dependant on a number of factors, such as whether the jewelry item has risen or fallen in value since it was acquired. What a charity decides to do with the donation also plays a huge role. A tax provision called the “related-use” rule states donors of appreciated collectibles get a larger deduction if the charity is able to utilize the item. If the charity decides to sell the donated jewelry, donors are able to deduct its current fair market value. Usually, charities end up selling donated jewelry to collect the proceeds.

Important: make sure any jewelry more than $5,000 is independently appraised, in writing, at the time it is given over to the charity. Appraisal costs can vary but can run several hundred dollars for jewelry.

Here are just a few examples of the types of jewelry items you can donate to charity:

Bridal jewelry

Engagement rings

Wedding bands

Fine jewelry

Silver rings, necklaces, earrings, bracelets

Gold rings, necklaces, earrings, bracelets

Platinum rings, necklaces, earrings, bracelets

Antique or vintage jewelry

Precious pearls, stones, gems

Diamond rings, necklaces, earrings, bracelets

Rolex watches

Designer watches

Vintage pocket watches

Rare and hard to come by fine pieces

Estate jewelry

Cameo pins

Avoid the hassle of having jewelry buyers e-mail or call you with questions. Your ring donation, necklace donation, bracelet donation, or watch donation can be more valuable as a tax deduction! If you decide to donate your jewelry through Giving Center, all your personal information is held in confidence and will never be sold or given out.

All donated jewelry items qualify at the “fair market value” as a tax deduction when you donate jewelry to Giving Center. You will receive all necessary tax documentation for your charitable jewelry donation and a receipt immediately upon acceptance.

Check with your favorite charity, or give Giving Center a call today to find out how you can donate your unwanted jewelry today.

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Quick Tips For Your Charitable Boat Donation

Individuals tend to donate their beloved boats to charitable organizations for many reasons. Some may want to get out from under the mounting expenses of owning a boat while also gaining a great tax deduction. Maybe, they over-invested and know the market might never repay them, so instead of swallowing a loss, they choose the altruistic route. No matter the reason, a boat donation will give the satisfaction of helping to support a cause they truly care about.

A boat donation is a great means for philanthropic giving, however, the process is not as simple as some may think. All boat donations must be done right with careful planning, research, and the excellent advice of a trusted tax professional. It is possible to turn that old boat into a beautiful gift that helps others without giving yourself the headache of a financial disappointment. Be sure to do your homework when choosing a charity. In order to qualify for a charitable tax deduction, the charity that you give your boat to must be an IRS-approved 501(c)(3) organization. You can check its status through IRS Publication 78.

In order to maximize the tax deduction you can take, you will want to claim the “fair market value” of your boat. This can best be determined by an appraisal from a certified marine surveyor. For boats with a value larger than $5,000, an appraisal is always mandatory. If the boat is sold by the charity in less than three years from the date of donation, your deduction will be dependent on the amount the charity received for the sale.

Charity Boats has an excellent reputation for working side by side with donors and taking their intentions for their boats seriously.

If the charities you usually support are unable to take on your boat donations, find a reputable one, like Charity Boats, that can. You can research charitable organizations through online sites such as Better Business Bureau and Charity Navigator.

When you have narrowed your choices down, take the time to learn more about the charity in terms of how your boat will fit in.

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OnlineCarDonation.Com And Trailer Donations

When you think of a vehicle donation, you may picture cars, boats, and even RVs. Trailers, on the other hand, may not be the first thing that comes to mind when you consider a vehicle donation. However, all kinds of trailers can be donated to charity as well!

As your needs evolve and change throughout the years, you may need to dispose of a few items that you no longer find any use for. This may happen to include trailers. Trailers used for hobbies like as snowmobiling or four-wheeling can also become unnecessary as well if your hobbies grow or change. You may also have found yourself with a utility or cargo trailer you bought years ago to help move homes or carry building supplies for renovations. It does not matter if you have a horse trailer, utility trailer, a cargo trailer, or a flatbed trailer. You are not stuck with your unwanted trailer because there are great charities and organizations, like OnlineCarDonation.com, that are willing to get it off your hands.

The Most Common Types of Trailers Donated to Charity

In case you are wondering what the most common types of trailers donated to charity are, read on below:

Flatbed trailers

Both flat and open trailers are the usual ones used for cars. They are designed to handle diffrent types of loads which makes them extremely versatile. This type of trailer is great because users have no trouble loading and offloading items as long as they know how to maneuver their vehicle.

Dry trailers

Considered the opposite of the flatbed trailer, the enclosed dry trailer is commonly used to transport cargo through busy areas where the items can potentially get damaged while in transit. Dry trailers are can also be ideal for transporting goods over long distances because they can keep the load from falling off while the vehicle is moving.

Refrigerated trailers

Essentially, these are dry vans that are designed to carry perishable freight at specific temperatures They are stocked with cooling systems to help keep perishable goods, like frozen food items and produce, fresh and cold while they are being transported.

Step deck trailers

With exceptions to the step deck trailer with the maximum freight height of about 10 feet, this type of trailer is quite similar than the flatbed trailer. Step deck trailers are made to carry cargo that a flatbed cannot handle as it allows the user to stack an additional two feet height-wise of cargo onto them.

Gooseneck trailers

These trailers have a two-hitch systems that slide over ball hitches in beds of pickup trucks. They are known for their stability. Since the weight of the trailer is over the truck’s rear axle, the sway is minimized while the vehicle is moving.

Livestock trailers

These are usually open boxes that do not have stalls or partitions between their occupants. Users are able to tie horses or cattle frontward or on an angle. There are also livestock trailers with gates and two box stall areas.

Sport utility trailers

Built for performance and functionality, sport utility trailers are used for hauling recreational items— whether you are into four-wheeling, hunting, motorcycling, or anything that you would like to take with you to the great outdoors. These trailers tend to have very dynamic looks and are made from lightweight aluminum material.

Benefits Of Donating Your Trailer

Charites, like OnlineCarDonation.com, makes it super easy to donate any type of trailer. They can accept most trailers, including RV and camper trailers. In addition to being an easy and stress-free way to donate your trailer, donating with OnlineCarDonation.com also gives you:

The maximum possible tax deduction. Since OnlineCarDonation.com is a ran by the Giving Center, a 501(c)(3) nonprofit organization, your charitable trailer donation will get you a nice tax deduction.

An easy way to help the community and those in need. OnlineCarDonation.com benefits those in need all across the country, making programs like there's a perfect way to support individuals and other organizations far and wide.

Free towing from just about anywhere. You will can expect a timely pickup of your trailer and get it off your property at no cost to you.

OnlineCarDonation.com will handle all the details and paperwork.

How To Donate Trailer To Charity

If making a charitable trailer donation sound too good to miss out on, you can donate your trailer to OnlineCarDonation.com with just a few easy steps:

Call 1–888–228–7320 or fill out an online trailer donation form.

Let them know where the trailer can be picked up and get scheduled for a vehicle towing time that's convenient for you.

Save your tax receipt when it comes in the mail and use it to claim your tax deduction on next year’s taxes.

It is that easy to get rid of your trailer and get a tax deduction when you choose to make a charitable trailer donation!

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Charitable Donations Of Appreciated Art

If you happen to be charitably inclined and also you collect art, appreciated artwork may be one of the best charitable donations from a tax deduction perspective. When donating appreciated property, it is doubly beneficial because you are able to enjoy a nice tax deduction while avoiding the capital gains taxes you would usually owe if you sold the property instead. The extra benefit from donating artwork specifically comes from the fact that the top long-term capital gains rate for art and other types of “collectibles” is 28%, as opposed to 20% for most other types of appreciated property.

What Is Appreciated artwork exactly?

Essentially, it is collected or inherited art that is held for more than one year and has appreciated in value. This qualifies it as a “collectible” under the Internal Revenue Code and is considered a capital asset. Whenever a capital asset is sold, the owner will owe a capital gains tax. The amount of the capital gains tax is based on the difference between the artwork's current fair market value and the owner’s cost basis. If the owner decides to donate appreciated artwork to a charity, such as the Giving Center, long before a sale takes place, the collector can potentially negate any capital gains tax that would be incurred in a sale.

Charitably minded art collectors can receive tax benefits when they donate art to an IRS accredited charity. Consider Giving Center, a 501(c)(3) charity that can provide collectors with the ability to:

Potentially eliminate capital gains tax on the sale of the art;

Take a same-year tax deduction;

Time their donation for charitable support during their lifetime;

Minimize estate tax implications

Requirements

Be aware that most artwork donations will require an appraisal by a qualified appraiser. The Internal Revenue Service (IRS) has a set of rules that contain very detailed requirements about the qualifications an appraiser has to possess and the contents of an appraisal.

IRS auditors will be required to refer all donations of art valued at $20,000 or more to the IRS Art Advisory Panel. The panel’s findings are the IRS’s official position on the value of the art, so it is very important to provide a qualified appraisal to support your valuation.

Plan Carefully

With careful planning, the contribution of collectible artwork to charity can provide support for a donor’s charity of choice and charitable causes, ensuring that charities receive the most proceeds possible.

For individuals who inherent collectible artwork, the cost basis is stepped up to the fair market value as of the date of the previous owner’s death. If the artwork is donated right after inheritance, the cost basis might be the same as the fair market value on the date of donation. Inherited capital gain property is considered a long-term gain asset regardless of the holding period.

Help the community

Your charitable art donation will have a huge impact on people’s lives, countless causes need the support of donors. Your generous donation will be able to transmit emotions such as joy, relief, and happiness to those who are in need. Any piece of artwork or even an entire collection that you donate to a well-deserving charity, such as Giving Center, helps.

Giving Center’s dedicated team has years of combined experience in accepting and utilizing all types of collectibles: antiques, celebrity memorabilia, classic cars, coins, comic books, jewelry, and much more.

Visit the Giving Center to learn more about how you can make a difference.

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Charitable Furniture Donation Pickup In Sacramento

If you live in Sacramento California and have furniture that you no longer need, there is a great charitable organization that will be happy to take most items off your hands. Whether you live in Rosemont, Elk Grove, Rancho Cordova, or any other cities close to Sacramento, you can make an easy furniture donation with the With Causes Charitable Network.

Sometimes, the easiest way to deal with moving furniture from one location to the next is to not move it at all. It can easily end up costing you more to have movers ship all of your old furniture to your new home. Or maybe you are just replacing your furniture in your home or office.

Whatever the case, donating furniture to charity is a fantastic solution for offloading used household items. All throughout California, there are many charities that will gladly take your items off your hands. However, if you are in the Sacramento area, consider donating to the With Causes charitable Network. They can arrange to pick up your furniture or household appliances for free and leave you with a donation receipt that you can claim on your taxes.

One of the best ways to help others is to donate used furniture from your home or office that you no longer need around. Nonprofits often rely on donated furniture to outfit offices, share with people who aren’t able to afford furnishings on their own, or raise money for their charitable mission via sales.

Remember, Someone Can Use Your Castoffs

Is it time to replace furniture or like items in your home or office, there is a chance the pieces you no longer want or need can be used by a nonprofit organization like the With Causes Charitable Network. While you could just throw out or maybe recycle these items, you will get more satisfaction out of knowing you have helped someone in need. For many low-income families having a bed or couch may be a luxury they simply can’t afford.

It’s Easy to Offload

Getting rid of larger items like dining tables or sofas can be a difficult task. Instead of taking the time to sell your items or leaving it out on your curb, find a nonprofit who will pick up the donation like the With Causes Charitable Network. All you have to do is make a phone call or fill out the online form and your bulky, and say goodbye to the unwanted furniture.

Tax Advantages of Furniture Donations

Most types of charitable donations will earn a tax deduction for the donor. Assuming that you will be donating your old furniture to an IRS recognized nonprofit organization, you will be able to write off the charitable donation on your income tax return, saving you a bit on your year-end tax bill.

Furniture Donation Tip

Used furniture does not always have to be in perfect condition, but they should be safe and in good enough shape that they could be put to good use without much effort. There are many great reasons to donate used furniture in Sacramento; no matter what your reason, you can feel good about your charitable contribution.