Are you a philanthropist looking for ways to give back to your community? Visit http://www.charitydispatch.com to learn more about how you can do just that by donating your vehicle for a good cause.
Of late, there has been lot of concern as to the future of charitable institutions. The economic recession has hit a whole lot of people and charitable institutions are no exception. They are now finding it hard to convince people to donate in this harsh economic climate. Major charities such as Goodwill Industries and The Red Cross are now engaged in campaigns to boost their income from vehicle donations. Fortunately, they will not have to look too far. After all, there are still many people out there who have a desire to help others, recession or no recession.
In the recent past charitable institutions have emphasized the benefits of auto donation. Charities convinced people to donate cars to them by informing them of the rewards. As a reward for their donation people would be entitled to claim certain tax benefits, often using often based on the inflated values listed in the Kelly Blue Book. This was beneficial for both the charities and the person donating the used car. Charities would get money from the sale and the donor would be able to write off much more money than he would ever get for his car had he sold it himself. Unfortunately, the laws surrounding vehicle donations have been changed slightly, making it more difficult to claim a tax break by donating your car. But the good news is that, although the rules have changed, you can still receive a tax break, it will just mean a little more paperwork. This means that there are still advantages to car donation and charities remain optimistic.
Because of the new car donation laws, charitable organizations are altering the way they receive car donations. They are now asking people to donate much older cars. The principal behind this is that people are more willing to donate a car that is of less value. The charities hope to receive a higher number of these less valuable cars and thus continue to make money through their resale. The best thing about this new initiative is that the new government guidelines have imposed a minimum limit on the amount of tax you are entitled to claim back in reward for donating your car to charity. This means that you can now claim a minimum $500, even if your car is an old banger. This means that you could receive more than the car’s value in tax returns but without the hassle of selling it.
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