Tuesday, July 24, 2018

Donors Always Ask "Where Is The Best Place To Donate My Car Madison"?

I had a car that I didn't use anymore. It was standing on my driveway collecting dust and rust and I had to get rid of it. I decided to give something back to my community at the same time by donating it to charity. However, this led me to the question of where the best place to donate my car Madison is that residents can go to. After a little bit of research, however, I found it: Rawhide. Let's go through the research process that I did.

The Tax Issue

First of all, I was aware that I would be able to deduct the value of my charitable donation from my taxable income at the end of the year. However, this would only possible if the charity is 501(c)3 registered. I checked with the IRS and found that Rawhide was indeed 501(c)3 registered, so that was a good start.

The Efficiency Issue

Secondly, I wanted to make sure that most of the money the charity would be able to raise would actually go towards helping the service users themselves. This is known as "efficiency" and is expressed in percentage. That percentage tells you how many cents out of every dollar collected will go directly towards assisting the service user. Checking Rawhide's website, I found a self-reported efficiency of around 82%. However, checking Charity Navigator's website, an independent overseeing organization, I found it was even higher, at around 92%. Things were getting even better.

Rawhide as the Best Place to Donate My Car Madison Donors Can Depend On

With two for two, I did a few more checks. The first was that I was assured that I will be working with Rawhide directly, and not with a middleman who would keep most of the proceeds for themselves in return for advertising for the charity. The second was the charity's impact. Rawhide is an amazing charity that works with at risk young people and their families. Through therapeutic support, they encourage these families to build strong units, and they help these young people to turn their lives around, becoming more productive members of society as they grow up into adults. I knew that my money would be put to excellent use, therefore, and that I would even benefit from it indirectly myself, being a part of that same community.

Sunday, July 22, 2018

The Impact Of Softening Used Car Prices On Donate A Vehicle Green Bay Charities

In 2017, there was a clear softening in used car prices across the country. This first became apparent in February and it was only the second time in two decades that this has happened. Not just that, but there was also a 1.6% drop in the wholesale prices of used cars, something unheard of since the recession. This raised the question, for many, on whether or not they should give to a donate a vehicle Green Bay charity or whether they should wait until prices pick up again.

Should You Give to a Donate a Vehicle Green Bay Charity?

The very simple fact is that, if you have an old car, you should donate it regardless of average and wholesale prices. That is because, with the exception of classic, vintage, or otherwise collectible cars, prices will only drop. It is believed that one of the reasons for this poor market is because so many vehicles will come off lease and it is simply impossible for the value of your car today to rise at any point in the future. In fact, experts predict that, with every year that passes, there will be a further 7% drop. So yes, you should donate a vehicle as soon as possible, or the charity will benefit even less from it.

Why Donating Is Better Than Selling

What this drop in value also means is that you would be much better off donating your car to charity than selling it for the money. You won't get much money in your pocket for it anyway, but a charity will be happy with anything they can raise. Plus, if you give to a donate a vehicle Green Bay charity that is 501(c)3 registered, you will be able to deduct the value of that donation from your taxable income and reduce your taxes. This means that although you may not get any cash in your hands, you will notice an increase in your disposable income. In other words, you will be financially better off, while at the same time helping your community develop and grow as well thanks to the important work done by the charity that you choose to support.

Friday, July 20, 2018

Rules To Follow When Giving To A Vehicle Donation Milwaukee Charity

Giving to charity seems like something that is very easy to do. You give the charity what you no longer want and through which you wish to support them, and that is all there is to it. In reality, however, things are a little bit more complicated than that. The reason for that is that if you donate to a 501(c)3 registered charity, you can deduct the value of your donation from your taxable income and decrease your taxes. And if you plan to make a vehicle donation Milwaukee charities will quickly tell you that determining that value can be a little bit more complicated. What are the rules to follow when giving to a vehicle donation Milwaukee charity? Let's take a look.

The Rules to Follow When Giving to a Vehicle Donation Milwaukee Charity

The rules are not overly complicated but it is still important to understand them. The most important thing to remember is that you can only deduct the value of your donated vehicle from your taxable income if the charity you gave to is 501(c)3 registered. If that is the case:
  1. If the vehicle sells for $500 or less, you can deduct the fair market value (FMV) up to $600. For instance, if your vehicle's FMV is $800 but it sells for $300, you will be allowed to deduct $500. Also, you will need to complete Section A of Form 8283.
  2. If the vehicle sells for between $501 and $5,000, you can deduct the amount it sold for, regardless of the FMV. You also have to complete Section A of Form 8283.
  3. If the vehicle sells for more than $5,001, you can deduct the amount it sold for, regardless of the FMV, but you will also require an independent valuation and you will have to complete Section B of Form 8283.

Some More Rules


One other thing to remember is that if the charity made substantial improvements to the vehicle that increased its value, you will only be allowed to deduct the value at the point of donation. Similarly, if the charity does not sell the vehicle at auction but rather gives it to a service user or keeps it, you can only deduct the value at the point of donation.

Tuesday, July 17, 2018

What Is The Best Charity To Donate A Car Milwaukee for Donors?

If you want to donate a vehicle, there are plenty of charities ready to take it off your hands. That leads to the question of what is the best charity to donate a car Milwaukee that residents can go to. Unfortunately, that is not an easy question to answer but this article offers tips to help you choose. Do know that whichever charity you end up choosing, you will be doing something good for the less fortunate.

The Best Charity to Donate a Car Milwaukee Residents Can Trust

There are a few standards that good charities should meet. Those are:
  1. That they are 501(c)3 registered. Check this with the IRS. They must have this registration if you want to deduct the value of your donation from your taxable income and decrease your taxes.
  2. That they have an efficiency of at least 80%. Check this with Charity Navigator.
  3. That they haven't received and ignored complaints. Check this with the Better Business Bureau.
  4. That they are actually a charity and not a middleman acting on behalf of a charity.

Other Characteristics of the Best Charity to Donate a Car

The four pointers above are things that you can check and that have nothing to do with the cause itself. While it may narrow down your list, you will still have quite a few options to choose from. So, you should also check to make sure:
  1. That the charity makes the process of donating very easy.
  2. That the charity is a cause that you care passionately about.
  3. That they are happy to answer any questions you may have.
  4. That they send you a tax receipt after you have made your donation.
Hopefully, with these tips, you will be able to narrow down your list of options to a manageable amount of charities to consider. There are no right or wrong answers when it comes to the actual cause, as this will be something personal to you (remember pointer 2, which is that you care passionately about it). Again, the most important thing to know is that you can't really go wrong when you donate to charity as your help is not just appreciated, it is needed.

Tuesday, July 10, 2018

Top Tips For Those Wanting To Donate Boat

This short piece will provide some advice for those who are planning to donate boat to a charity like Rawhide. When you donate your boat, you are giving away something of significant value, so you want to make sure you do things right. Below are some top tips to help you achieve this.

1. Donate Boat to Properly Registered Charities

Rawhide is a 501(c)3 registered charity. This matters, because it means you can deduct the value of your donation from your taxable income at the end of the year. Because of that, it is advisable to only pick charities that have this IRS registration when you donate boat, or choose to donate something like a car or truck.

2. Understanding the Donation Process

This should be really easy. A good charity, like Rawhide, will have an online contact form through which you can tell them that you have a donation to make. They will then get in touch with you as soon as possible to pick the boat up. If you have any questions about the process, you will have time to ask them as well. No more than 30 days after your boat was picked up, you should receive your tax receipt with the value of your boat indicated.

3. Choosing a Charity

From the above, you may have noticed that there are two key things to look for in a charity: it must be 501(c)3 registered and it must have made the donation process very easy. But there are a few other things to look into as well:

It should be very efficient, meaning the money raised will actually go to the service users. You can check Charity Navigator and the Better Business Bureau for this and only work with a charity that has an efficiency rating of at least 80% and a BBB rating of A. Also, it should be a real charity. Sometimes, for profit middleman pose as charities, collecting your donations and filtering through some of the proceeds to charities. This means the charity will often receive as little as 5% from what is raised from your donation.

With these tips, you should be able to make a donation and be secure in the knowledge that people will actually benefit from your kindness and help.

Thursday, July 5, 2018

Filing For A Boat Donation Tax Deduction

By making a boat donation, the service users of your chosen charity will benefit greatly from your kindness. But you will benefit as well, because you can file for a boat donation tax deduction that will reduce your taxes. Indeed, by making such a donation, you could increase your disposable income substantially because you are able to reduce your taxable income by the value of the boat. How you will use these savings would be up to you. For instance, you can offset any taxes you owe for the next five years. People all over the country have claimed a boat donation tax deduction and you can as well.

How to Donate a Boat

Before you can make this type of deduction, you will need to donate your boat. There are lots of charities that will accept a boat as a donation. The only real rule is that the charity must be 501(c)3 registered, otherwise you will not be able to claim a deduction on your taxes. It is up to you to choose a cause that you care about. The process itself should be very straightforward, meaning that the charity will come and pick your boat up and send you a tax receipt within the next 30 days, which will denote the value of your donation. That is also what you need for the next step: the actual boat donation tax deduction.

How to Claim a Boat Donation Tax Deduction

Once you have donated your boat, you will have complete one or two forms. The first is IRS Form 1098C. This is used for all charitable donations, regardless of the type, the charity, or the value of the donation. This form can be downloaded from the IRS website, although many charities also have it on their site. This form proves to the IRS that your donation is eligible for a tax deduction.
If the value of your donation was $5,000 or more, you will also have to complete IRS Form 8283. You must also attach your tax receipt to this form, as well as Form 1098C. In some cases, the IRS will require proof of value through an independent valuation. The charity should inform you of this as well as be able to put you in touch with an appraiser.