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Car Donation Tax Deduction


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Learn tax deductions and why donating a car can be deducted from your taxes.

Published in: Government & Nonprofit
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Car Donation Tax Deduction

  1. 1. Car Donation Tax Deduction Learn tax deductions and why donating a car can be deducted from your taxes. Donate Car Today! 877-360-3767
  2. 2. Car Donation Tax Deduction How Car Donation Can Be Deducted Tax deduction is a reduction of income that is able to be taxed, and is a result of expenses, especially ones incurred to make additional income. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax". 9 important things that can be tax deductible, ones you may not know about: sales tax, health and insurance premium, tax savings for teacher, charitable gifts, paying the babysitter, lifetime learning (usually geared toward college students), unusual business expenses, looking for work and self-employed Social Security
  3. 3. Car Donation Tax Deduction Auto gift is the act of giving no-more needed autos, trucks, water crafts, cruisers and other different vehicles to philanthropy associations and other non profit organization. Find out about what is a deduction status and how giving an auto to a philanthropy can be deducted underneath. Call: 877-360-3767 Car Donation Tax Deduction Non profits in US more and more rely on the revenue from car donations. But you can benefit from this donation as well, not just charities. Charitable donations provide a tax benefit; as such, car donations are becoming increasingly more popular. For example in the US in 2000 over 700,00 taxpayers reduced their total taxes by over $650 million. The minimum deduction that you can claim on your motorcycle, boat, truck. car or any other vehicle is $500. This is claimed on an itemized federal tax return. When your car is sold for over $500, whatever it sells for will be the amount you can claim as a tax deduction.
  4. 4. Tax Brackets Seven Tax Brackets are the following: 10%, 15%, 25%, 28%, 33%, 35%, 39.6%. Call: 877-360-3767 Car Donation Tax Deduction What if my car is valued less than $500, the tax deduction comes from a donor's estimate of the vehicles value. This is the case no matter the amount of money the charity receives even it is less.
  5. 5. Contact Us Today Call: 877-360-3767 Car Donation Tax Deduction For cars valued over $500 the amount of donation will be determined at the auction Don't worry if your car is not running. In the US most cars or vehicles are accepted for donation. Contact Carsgofar today to arrange a pickup!