3 Easy Steps To Donate A Car And Get A Deduction

At one time or another will happen to everyone. You will receive your W-2 from your employer, and you did some money!

Is that a good thing? Yes and no. It's good as long as you had the proper amount of taxes deducted during the year, but what if you do not? What if you owe the government money on April 15?

This can be a scary situation for most people and can end up costing you dearly. What if you owe more money than is the government?

Find a deduction! If you have an old car sitting or one that is not running, work perfectly. Maybe even have a car you've thought about the trade that works.

Here are 3 simple steps to a deduction from income tax by donating a car (or other vehicle).

1. Homework.

There are many internet sites that offer free information on donating a vehicle.Is it more than $ 500 to your vehicle? You can deduct the full amount? You can donate a motorhome? It is better to get this information from a third party for not having a stake in what they are saying.

You can find a great site for information about donating a car drive online donations. Car Donations Online is a third-party organization with no financial ties to any charity or non-profit company.

2.  Find your charity or nonprofit organization.

Do you know someone with cancer? Have you had a kidney-related death in your family? Do you attend a church? Do you support pro-life movement? I recommend finding a charity you can be proud to donate a car.

If not associate yourself with any Charities that accept donations worldwide, get out more often! There are literally thousands of charities and not for profit companies that accept donations, you will be able to find one that suits what you like.

3. Donate and make sure it is deductible

For most people, your full donation will be deductible. For some people, they can vary by state and by income. If you need advice, consult a tax professional.

Be sure to get a receipt for your donation, you may need if you are ever audited.Also need your receipt if you have their taxes professionally prepared.

Next time you get in hot water with the IRS, just donate a car!