Why You Should Consider Donating Your Car?

Why You Should Consider Donating Your Car?

The best place to donate car to charity should ideally give you the benefits mentioned herein.

1) You get to qualify for tax breaks – Charity donations are tax-deductible in most countries (the specifics may vary). You get a tax deduction based on the fair market value of the car. It is, however, important to take note of the following;

Read Also : What Happens When I Donate My Car?

The receiving charity usually issues a receipt acknowledging the donation immediately or at the end of their financial year.

The contribution is deductible in the year that it is paid.

Not all charitable organizations will qualify for the charitable contribution deduction. Look out for our list of reputable car donation charities. Any reputable charity organization should be recognized by the Internal Revenue Service (IRS) as a non-profit organization.

There is an upper limit to the amount of deduction one can qualify for but it is set high and is really unlikely you will reach it.

Related Post : Top 3 Reputable Car Donation Charities That Accept Car Donations Directly

2) Every contribution has an impact – Contrary to popular belief, there are some reputable car donation charity organizations that go the extra mile to ensure that maximum utility is obtained from one’s contribution. As a rule of thumb, it is always important to do a background search on the different organizations so as to ensure this. We have taken the liberty to list the ones that we found particularly lean and efficient.

3) Get to support the cause you believe in – By donating your car, you get to directly contribute to a specific cause.

You get to avoid the hassle of advertising and selling.

Other Article : Tax deductions: What to know before you donate your car 

Donating to charity benefits the world’s neediest people.

There is happiness in giving, as found out by a Harvard Business School Study. There exists a direct correlation between giving and happiness.

 

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