The car donation tax deduction program is a great idea to get rid of a vehicle that is eating too heavily into your expenses, clear out garage space and save on taxes. What’s better, you would feel good that you helped the community in your own way. It’s a situation in which every party involved emerges victorious.
However, to make the best of the process and maximize car donation tax deduction, it is vital to be equipped with every bit of knowledge and understanding regarding how the process works. One of the most important piece of information that no donor opting for car donation tax deduction can do without – since 2004, the laws limit the tax deduction to the amount the charity obtains by selling the donated car.
The first tip with respect to stepping into the car donation tax deduction program is to make sure that your car is in a condition fit to be donated. Follow it up with a quick consultation with your financial advisor to make sure you have understood the…Complete Article..