The busy tax season has arrived. Families scramble to figure out last-minute donations so they can make the most out of tax deductions when they file this spring.
Possible deductions you can list on your 2010 taxes include: energy-efficiency upgrades you made to your home, car donations made to nonprofit organizations and even the money you spent on child care. Of course, the government is always approving new tax laws, but it’s a good idea to research what additional ways you can add deductions to your taxes these last few weeks before 2010 ends.
You may be surprised to discover that you can donate a car to a non profit organization – like the American Diabetes Association, the American Kidney Fund or even the Cancer Research Institute, to name a few – through DonateACar.com. If you contact DonateACar.com prior to Jan. 1, you can still claim the car donation tax deduction (the fair market value you list the car at, up to $500) on your 2010 taxes. And if DonateACar.com is able to sell your vehicle for more than the $500 maximum for fair market value, you will be mailed an IRS Form 1098-C with the greater sale amount on it so you can revise your tax deduction for 2010.
To make your donation more of a win-win situation, you’re able to quickly and easily get rid of the car you don’t want any more. A licensed, bonded and insured towing agency will pick your vehicle up from your driveway, hand you the receipt dated for the day you called and take it away for sale. The sale money goes to the charity or organization of your choosing, and you can choose from more than 500 charities.
The end of the calendar year is an extremely busy time with families determining any last-minute tax deductions they may need to receive a return on their 2010 taxes. If you were planning on getting rid of one of your cars this year, donating it to benefit a charity of your choice can help you receive money back through your taxes. But you must contact DonateACar.com and name the charity you want to support prior to Jan. 1.
You can also donate your car after Jan. 1, and make sure you keep the paperwork for when you start working on your 2011 taxes.
