Sep/090
How To Calculate Deduction For Car Donation
The amount of tax savings you will get from donating your car to charity depends on your tax bracket and the value of your donation, i.e. your car. Here is a handy calculator that lets you figure out how much tax savings you can expect to get by donating your car to goodwill.
Tax Savings = Value of Donated Car x Your Tax rate
So if your car is worth $1000 and your tax rate is 30%, you will save $300 on your taxes.
Keep in mind that you must itemize your deductions in order to gain a tax benefit. Make sure that when itemized, your total deductions are greater than your standard deduction. If they're not, stick with the standard deduction. For 2008, the basic standard deductions are:
- Head of household - $8,000
- Married taxpayers filing jointly and qualifying widow(er)s - $10,900
- Married taxpayers filing separately - $5,450
- Single - $5,450
*Your standard deduction may be increased if you are age 65 or older or blind.
Mar/100
rvworld: How Your Car Donation Helps Goodwill and You: http://ping …
How Your Car Donation Helps Goodwill and You: http://ping.fm/sVU5Z.
Read the rest of this great post here
Mar/100
How Your Car Donation Helps Goodwill and You
How does donating a car to Goodwill help you? Goodwill offers you a convenient, hassle-free way to donate your car. Other than the towing company, who arranges a pick-up at your convenience, no one will come to your home. …
Read the rest of this great post here
Mar/100
Goodwill SOLAC: Helping People in Southern California
Article Source:http://www.articlesbase.com/automotive-articles/goodwill-solac-helping-people-in-southern-california-1021524.html. Related posts: How Car Donation Helps the People of North Central Wisconsin With over; Vehicle Donation: …
Read the rest of this great post here
Mar/100
Don't Mess With Taxes: Are charities Cash for Clunkers victims?
Kathie Conwell, manager of marketing and communications at Catholic Charities, Diocese of Kansas City-St. Joseph, told the St. Joseph News Press that her organization had seen a decrease in car donations. ... When the hubby and I many years ago donated our old AMC Gremlin (hey, we needed a second car and we got it cheap), we just dropped it off at the local Goodwill car lot, signed over the title and then used the Kelley Blue Book value as our deduction amount when we ...
Read the rest of this great post here