4 Things to Follow to Get Cash for Your Car Donation

Car donation is an unique idea when it comes to contributing to charity. Many charity firms receive old cars in order to raise funds for the welfare of unprivileged children, ensuring fair amount of tax deduction on donation.

Donating to charity is a noble task that most of the sensitive individuals take part at some point of their lives. While some donate money to the charity, others prefer donating their used cloths, food, shoes, blankets or school supplies. What about car donation? Did you ever think about it? A car donation can be a great charity idea to help the needy, especially unprivileged children. Moreover, you are likely to have ample benefits from your car donation initiative.

If you are the resident of New York area, you are likely to come across a number of charity firms that receive old car for charity purpose. You can donate a car New York at this charity fund. They are all set to raise funds by reselling your car while you will receive a fair of money on tax deductions the amount of which is far higher than any amount of money received from a sale. Follow the steps below to maximize your tax deduction amount by donating your old car.

Determine your eligibility:

The first thing that you need to determine whether or not you are eligible enough to take a tax deduction for donating your car to charity. All you need to do is to read the instruction related to the donation and tax deduction criteria. If you need any assistance with this, you can consult a licensed tax attorney or a certified public accountant. They will help you with the procedure and tell you whether you are eligible to take a tax deduction for donating your car to charity.

Make a List of All Local Charities:

If you are eligible for take deduction, the next important thing is to make a list of all local charities. Find nearby charities to donate a car NYC:

*Do online search. You can use you favorite search engine to find the list of the charities or charitable organizations. Then narrow down the search by location, and other specific details, as per requirement.

*You can also check the phone book and the yellow pages under ‘Charitable Organizations’ for a listing of local charities.

*A charity guide of database might be useful. Many organizations offer searchable databases of charitable organizations.

Make Sure Charities are Tax Deductible :

You are donating your car primarily for two reasons. First, you are want to contribute to the charity program aimed to raise funds for the needy children. Secondly you want to receive a fair amount of tax deductions for your donations. A tax deduction will reduce the amount of your money of taxable income, thereby lowering down the total amount of taxes you pay, making your cash. Hence, it is important to check on an organization’s tax exempt status before finalizing the charity firm you want to donate your car to. To expedite the process of donate car NY tax deduction, you can use the Internal Revenue Service Exempt Organization Select Check Tool.

Get a Receipt for Your Donation:

Make sure that you get the receipt for your donation and keep it with your tax records. You might have to produce the receipt in future. In case, any company refuses to give you a receipt, simply cross them off from the consideration list.