It is often difficult for charities to raise all the money that they need to fund their programs. A great way to raise funds is through car donations from the public. But for the person that wishes to contribute, there is one word of advice "Car Donations - Beware the Scams!"
Most often, when you don't ask a few important questions about the process, there is a chance that very little money is actually ending up going to the charity. There have been cases where it has been alleged that as little as 2% of the money collected actually was spent on charitable causes and the rest kept for profit by those involved in the collection process. Good advice before making car donations - beware the scams!
To get your best tax deductions, you need to know the rules too, along with special exceptions that change things like the valuation process. Additional paperwork may be needed if the charity that you donate to decides to keep your car instead of selling it, and using it directly to assist those in need. To donate your car for a tax credit, do a little research and when it comes to car donations - beware the scams!
Most often, when you don't ask a few important questions about the process, there is a chance that very little money is actually ending up going to the charity. There have been cases where it has been alleged that as little as 2% of the money collected actually was spent on charitable causes and the rest kept for profit by those involved in the collection process. Good advice before making car donations - beware the scams!
To get your best tax deductions, you need to know the rules too, along with special exceptions that change things like the valuation process. Additional paperwork may be needed if the charity that you donate to decides to keep your car instead of selling it, and using it directly to assist those in need. To donate your car for a tax credit, do a little research and when it comes to car donations - beware the scams!
"Documents on file with the attorney general also should state what percentage of funds go to charitable work vs. running the charitable organization. Well-run charities typically spend 15% or less administering their program..............."
#CarDonation
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