Do you know that donating your car can be a great way to ensure tax deductions? Yes, ofcource, besides doing a noble deed, you earn rewards as well.
Of all the tax deductions, donate your car to California has stood out to be the best one. Considering the fact that besides doing the most noble, good and awesome dead to enlighten the lives of people who need you the most, it is actually a way for helping indirectly yourself as well.
Well, as an experienced attorney who has been dealing with increasing numbers of queries of people since 2 decades.
• Most of the prominent queries of people, relate to
• “Can I donate car to charity California”? And earn tax deductions?
• What are the areas for ensuring the best of tax deductions?
• Am I still eligible for tax filing since, the deadline has already crossed?
• If yes, what is the penalty do I have to face in terms of late tax filing 2016?
• Being a student, what are the circumstances for getting maximum tax refund?
• I am going to get married in couple of months, so do I have to file separate tax filing 2017, or I need to jointly file tax?
• I earn overseas, how to do tax filing?
• What are the circumstances for tax filing if I am running my “office from my own home?, since I was maximum tax deductions”
• Who is the best tax filing expert?
Well, it is these seemingly endless queries and many more which have become a norm in my life where all I can say is people by in large come to me confused and in full anxiety, however by the time they go; they are actually the happiest lot.
Yes, in my following posts, I am going to address all the answers of the queries I posed above.
Well, this specific post is where I am going to answer the first query namely
“Can I donate car to charity California”? And earn tax deductions?
Yes, the answer is an emphatic yes.
This will ensure maximum tax deduction.
You just need to simply file a form and that’s it.
The process is the easiest you can actually expect. Like writing down your name and all, and you are done.
Yes, it will actually help you to attain the HIGHEST EVER TAX DEDUCTION
So, how car donation tax deduction works
Well, earlier than 2005, I have seen as per the IRS guidelines, it was the norm that people were to donate their car to an experienced car donation program.
But, there was a problem. So what’s that?
The hitch was the car’s value couldn’t be ascertained. There was uncertainly. Since, it was difficult to comprehend the market value. Hence, it necessitated IRS to come up with a new law.
So, what is the new law?
The new law is simply and easy to follow. Let’s take a look at it
There are following tax deduction guidelines which are laid down by IRS post 2005 for making matters, simple, easy, effective and awesome.
• Fill the form
• Call 1-877-431-9474
• The representative will pick the vehicle and you will get 100% deductible receipt.
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Things to keep in mind
• If your donated car is sold for less than $500, then you can claim tax deduction upto that amount
• If your donated car is sold for more than $500, then you will tax deductions for the amount for which it is sold.
Now, I can help you understand with an example
Like if you donate car for tax credit, and it is sold for $550, then this is the amount which you be eligible for tax deductions.
Now, on the other hand, if you donate car to charity California and it is sold for $450, then you can actually claim tax deductions upto $500
Of all the available tax deductions 2017, best place to donate a car in California is right here. So, what are you waiting for?