While stringing lights on your house, filling out holiday greeting cards, and trimming your tree; be sure to take the time to think about how you can trim your taxes too! With the end of the year rapidly approaching, it is time to make sure you get in your end of year tax deductions while you still can. Doing this will help ensure that you save as much as possible on your taxes with every charitable donation you make, such as a car donation tax credit.
There is plenty of time left for you to donate a vehicle, or make a financial donation for your end of year tax deduction to The Original 1-800-Charity Cars. We make the car donation process through our program very easy. To make a vehicle donation (car, truck, RV, boat, or plane) in any condition, running or not, with free towing provided nationwide, just give us a call today at 1-800-CHARITY (1-800-242-7489 x 2) or you can visit our simple online car donation form. To make financial donations, you can utilize our convenient online donation services through JustGive or PayPal found on our donation site at www.800charitycars.org.
If you donate a car and we provide the vehicle to a struggling family in need, you will be able to deduct the full “fair market value” of your vehicle donation. If the donated vehicle is not provided to a person in need and is sold, then you may deduct up to $500 (or more if the sale of the vehicle exceeds $500), according to the IRS donors guide to vehicle donations. You can also deduct financial donations in accordance with the IRS guidelines by filling out necessary forms where required for a certain dollar amount of your donation.
Itemized deductions are filed on Form 1040, Schedule A and in some instances you are required to file Form 8283, for your charitable contributions. Be sure to verify with the IRS what forms you need to file and what documentation is required, to ensure your charitable contributions are correctly filed and subsequently reflected on your end of year tax deductions.
You can find more of this information at: http://www.irs.gov/taxtopics/tc506.html
Also at The Internal Revenue Service- Tips for year end giving to charity: http://www.irs.gov/uac/Six-IRS-Tips-for-Year-End-Gifts-to-Charity
For a list of some of the most commonly forgotten tax deductions check out our article here. Not only will you save on your income taxes with your end of year tax deductions, but your donations can help change the lives of families in need by making your charitable contributions, whether a financial donation, or a vehicle donation to 1-800-Charity Cars today. It is through the generous charitable giving from people like you that we are able to transform the lives of thousands of families in need, and get them back on the road to independence. Thank you to everyone who has and will get 2014 end of year tax deductions by donating to our organization this year and helping us continue our mission to engage in activities that uplift humanity.