Taxes are on nearly everyone’s mind at this time of year. Even if you’ve already filed and paid what you owe or received your refund, you’re probably still thinking about ways you could have changed your income, donations or even your filing status to garner a better outcome.
Since your brain is already on the topic of taxes, why not start thinking ahead for the next tax season, and begin considering how deductions like donating your car might help you out next year?
You can make a donation for tax purposes at any time during the calendar year and declare it on your 2011 taxes next spring. Visit donateacar.com to learn more about how you can support a charity of your choice, as well as earn a car donation tax deduction.
Whether your car breaks down, it’s been sitting in a driveway for months or you’re ready for a newer model, you can donate it to be sold to support a charity of your choice – like United Way, USO and Boy Scouts of America, to name a few. A licensed, bonded and insured towing company will pick it up right from your driveway within 24 to 48 hours of you naming the charity you want to support.
Donateacar.com will accept any motorized vehicle or vessel for donation. If you discover this spring after the snow has melted for the season that you just didn’t use your snowmobile enough to warrant storing it for another summer, donating it can be a lot easier than trying to sell it with no snow on the ground. Boats and RVs are also accepted for donations.
When you donate a car, you can claim fair market value for the vehicle you’re donating (up to $500). If the vehicle sells for more than that, you will receive an IRS Form 1098-C with that sale amount in the mail, allowing you to deduct a greater amount on your taxes.
Donating your car now, while you’re thinking about it, will help to clear your driveway of an unwanted vehicle and give you a jumpstart on lowering your taxable income for this year – which will come in handy next spring when you start calculating your 2011 taxes.