Wednesday, June 27, 2018

When Giving Vehicle Donations To Nonprofits Milwaukee, Donors Can Benefit

When you donate something to charity, you don't do that because you are expecting any financial benefit. But the reality is that you will still benefit financially, and that is just a little icing on the cake. When making vehicle donations to nonprofits Milwaukee, donors will stand to benefit by being able to file for a tax deduction. However, as with all things about taxes, you need to make sure that you understand the system properly. So how do tax deductions for vehicle donations to nonprofits work?

Important Rules for Vehicle Donations to Nonprofits Milwaukee Donors Need to Remember

If you want to claim a tax deduction as a result of your donation, your chosen charity has to be 501(c)3 registered. The IRS maintains a database of all charities that have this kind of registration, which confirms that they are truly a charity and will not use the money to lobby the government. If your charity meets that requirement, then you can file for a deduction. Remember, however, that how much you can deduct will vary.

What the Nonprofit Does with Your Donation

First of all, you need to know what the charity will do with your donation. As such:
  1. If they sell it as is, you can deduct the amount for which the vehicle was sold for.
  2. If they fix it, improve on it, sell it for a token amount to their service users, or keep it for their own use, you can deduct the fair market value.

How Much You Can Deduct

Exactly how much you can deduct from your taxable income will also depend on certain things:
  1. If the vehicle was sold for less than $500, you can deduct the fair market value of your vehicle up to $500.
  2. If the vehicle was sold for or is worth more than $500, you can deduct the amount it was sold for, regardless of the fair market value.
  3. If the vehicle was sold for or is worth more than $5,000, you can deduct that amount but you will need to provide an independent appraisal of that value.
Taxes are complicated and it is important that you get things right. Thankfully, your chosen charity, if it is a good one, should be able to help you with this.

Tuesday, June 26, 2018

Is It Advisable To Give To A Car Donation Milwaukee Charity?

If you have a car, you know how important it can be in your day to day life. However, there will come a time when you will no longer want your car for one reason or another. Perhaps you are moving to an area with better public transportation, or perhaps it has become too old and you simply want to exchange it for a new one. At that point, you have several options available to you, one of which is to give it to a car donation Milwaukee charity. But is that the best option?

Pros of Giving to a Car Donation Milwaukee Charity

There are a number of significant advantages to making a car donation:
  1. You get to provide a charity of your choosing with a large cash injection, which they can use to further their services.
  2. The entire community will experience the benefits of giving as the charity you give to will help to improve the lives of the very people you share your community with.
  3. It means that you don't have to go through the hassle of selling your car, which is very time consuming and which means you continue to have to pay for the upkeep of the car until you have sold it.
  4. If your chosen charity is 501(c)3 registered, you will be able to deduct the value of your donation from your taxable income and reduce your taxes at the end of the year.

Cons of Giving to a Car Donation Milwaukee Charity

There are a few disadvantages to be aware of as well:
  1. You have no control over how much the charity will actually get for your car. They may sell the vehicle at auction and get a really bad deal, for instance.
  2. While you can claim a tax deduction for your donation, you don't actually receive any money in your hands to put towards a new car or some other part of your life.
  3. There is a chance that you will donate to a middleman, which is a for profit organization representing a charity. They can keep as much as 95% of the proceeds for themselves. Thankfully, you should be able to avoid this by researching your options and always getting in touch with a charity directly.

Sunday, June 24, 2018

What Makes A Good Car Charity Green Bay Residents Can Go To?

More and more charities are now accepting vehicle donations. While this is a good thing for them and their service users, it makes things a little bit more complicated for you as a donor. After all, which car charity in Green Bay, Wisconsin, should you choose? Much of that will be a completely personal decision. It is possible to find a car charity Green Bay residents may want to give to because they provide their services to at risk young people, the elderly, sick people, displaced people, endangered animals, the environment, disaster victims, and so on. Only you can decide what you feel is of the greatest importance.

However, one thing that brings all donors together is that they want their money to have the greatest impact possible. They want to make sure that it will be put to good use and will actually make a difference. This means there are three things to look for in a car charity in Green Bay.

1. The Registration Status of the Car Charity Green Bay Donors Can Give To

First of all, the charity should be 501(c)3 registered. You can check this with the IRS. It means that they have actual charitable status and that they can't use the money to lobby the government or do things outside of their particular outreach. It also means that you can deduct the value of your donation from your income tax.

2. The Efficiency of the Green Bay Car Charity

Next, you need to look at the efficiency of the charity. This means that you investigate what percentage of the money they raise will go directly to the service users. All charities have some overhead costs, administrative and management expenses, and advertising and marketing costs. However, their actual spending should be mostly for providing services and not on overhead costs. An efficiency rating of 80% is the least you should look for, something you can check with Charity Navigator.

3. Is It a Charity?

The last thing to find out is whether you're actually dealing with a charity. Because they have limited advertising budgets, many charities sign up with for profit middlemen who look for donors for them but in return they get a percentage of the proceeds. There is nothing wrong with this, but some middlemen keep as much as 95% of those proceeds. Clearly, that is something you might want to avoid.

Friday, June 22, 2018

The Reasons To Donate A Car To Charity Madison

We live in a confusing world. On the one hand, we are encouraged to be self-centered, putting ourselves before everyone else in order to find success. We are advised to focus on our personal finances and that we must try to amass as much personal wealth as possible. On the other hand, we are a caring society. In this society, we help the less fortunate and we want to support charities that do a lot of good for others whenever possible. One way to do that is an activity that many Madison, Wisconsin residents have figured out: it's when you donate a car to charity Madison 

It's important to understands reasons that people may donate a car to charity Madison

Our vehicles are incredibly important to us. Not only do they take us from point A to point B, they allow us to manage our personal, professional, educational and social lives. Our cars are also often an extension of our personality, with different people preferring different types of vehicles. Simply giving something like that away, which is what you do when you donate a car to charity, feels strange, particularly considering the aforementioned fact that we must look after our own finances. However, there are benefits to be experienced from making a donation as well, including the fact that:
  1. It feels good to do good.
  2. Donating a vehicle is an easy way to get rid of it, without having to go through the hassle of selling it.
  3. If the charity is 501(c)3 registered, you can deduct the value of your donation from your taxable income, meaning you still financially benefit from it.
  4. You know how important it is to help the less fortunate and this is a great way to do it.

How to Donate a Car in Madison

Different charities have different car donation procedures. However, most are based on the Rawhide model, because the latter was one of the first to make such donations possible. You simply inform them of your wish to make a donation and they will come pick your vehicle up. Within 30 days, you will have a tax receipt, and that is all there is to it.


Monday, June 18, 2018

What Are Your Options To Donate Boat To Charity?

Did you know that if you have an old boat that you no longer use, you can donate it to charity? This article will focus on the various options donors have when they give to a donate boat charity. A lot of people think that a boat donation is just that: giving away a boat. In reality, there are three different options available and it is important to understand the pros and cons of each donate boat option.

Option 1 - Donate Boat Directly to Charity

This means that you contact a charity, give them your boat, and let them do with it what they want. The pros are:
  • It is straightforward as the boat will simply be taken off your hands.
  • You can claim a tax deduction if the charity is 501(c)3 registered.
  • You can help a good cause.
The cons are:
  • You have no control over what happens with the boat.
  • The charity may struggle to maximize on the value of the boat.
  • The charity might spend the money raised in a way that you don't agree with.

Option 2 - Donate Boat to a Middleman

You can also donate the boat to a middleman, who then pays part of the proceeds to your chosen charity. The pros are:
  • The charity gets more exposure because of the advertising budget of the middleman.
  • The charity does not have the expense of picking up and selling the boat.
The cons are:
  • Most of the money will go to the middleman.
  • You may not be able to deduct as much from your taxes.

Option 3 - Sell Your Boat and Donate the Proceeds

The final option is for you to sell the boat yourself and then donate the proceeds to your chosen charity. The pros are:
  • You can maximize the money you raise for the boat.
  • You can deduct the value of your donation from your taxes if the charity is 501(c) registered.
Meanwhile, the cons are:
  • Selling a boat can take a lot of time and effort.
  • You will continue to have boat expenses until it is sold.
  • You may be tempted to keep the money instead of giving it to charity.
It is entirely up to you to decide which option will suits you the best, but if you want to learn more about the process of boat donation for one specific charity, visit http://www.rawhide.org/boat-donation/.

Wednesday, June 13, 2018

Is A Boat Donation Tax Deduction A Good Idea?

A lot of people are interested in donating boats to charity because of the tax deduction they can get as a result of the donation. But is this a good idea? As with all things about taxes, it is important that you understand the ins and outs of how things work, and you need to make sure that you stick to the rules.

Can You Claim a Boat Donation Tax Deduction?

The simple answer to this question is "yes". However, you need to make sure that the charity that receives your donate is 501(c)3 registered, which confirms with the IRS that it has charitable status and will not use your donation for anything other than for service delivery. The second important question is "should you file for a boat donation tax deduction"?

The Pros and Cons of a Claiming a Boat Donation Tax Deduction

The value of any donation that you give to a charity can be deducted from your taxable income so long as you keep the receipt and the charity is 501(c)3 registered. This means that, instead of donating a boat, you could also sell the boat yourself and donate the money. Of course, there is quite a bit of hassle involved in doing so. However, there is a risk that you may accidentally use your generosity to line the pockets of for-profit businesses.
There are some companies that act on behalf of charities. They claim to have excellent selling procedures in place that enable them to maximize the value of your donation. They also have huge advertising budgets, which means more people can be reached and encouraged to make donations. However, in return for that, they keep a huge chunk of the donation proceeds for themselves. In fact, in some cases, they keep as much as 95%. The majority of these businesses keep at least half of the money raised, which means only half of what you had intended to use for good will actually go the charity and its service recipients.
Does this mean you shouldn't make a donation? Absolutely not. It simply means that you should not just check whether the charity is 501(c)3 registered, but also that it is actually the charity you are dealing with directly.