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:
- You get to provide a charity of your choosing with a large cash injection, which they can use to further their services.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
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