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Donating vehicles to bona fide non-profit organizations is a popular practice in United States because of the benefits citizens get especially in their tax returns. Even though popular, some individuals are still confused with the process especially now that the IRS recently changed the guidelines to eliminate unscrupulous practices in the past. Right now, donors can benefit from car donations but they have to follow the stricter guidelines by the Internal Revenue Service stated in the American Jobs Creation Act of 2004. Here is a guide on how to donate vehicles to be able to take advantage of the tax consideration.

Choose a Bona Fide Recipient When you have finally decided to donate your vehicle instead of sell it, you need to pick a recipient. It must be a group that works in the religious, education, or charitable sector. I discovered check my driving record by browsing Yahoo. However, you cannot just pick any organization. The group must be recognized by the state to be able to qualify later on. The IRS has listed down qualified charities in the Cumulative List of Organizations which is a list of non-profit organization working in religious, education, and charitable sector. You can drive the vehicle straight to the charity so the recipient can fully receive the full benefits of donated vehicle. If you think anything at all, you will perhaps want to read about http://auto-wear.com/. However, if you are busy to process everything yourself, you can approach an intermediary agency. This firm will process everything in your behalf.

Choose an Intermediary Agency Carefully Let us say you are busy and you want a donation service firm to help you, you need to pick a reliable firm so your effort will not go to waste. It is because there are companies who only give a small portion to your chosen charity. The key here is to help the underprivileged in the community and you can do this if you give a large portion of the proceeds to them.

Value Your Car Properly To be able to fully benefit from the tax breaks provided by the government, you need to ensure that your car is appropriately valued. You can check the fair market value of your vehicle from appraisal service firms. If you get the right value, you can deduct the right amount later assuming that the vehicle will be sold or used by the recipient.

Complete Your Paperwork Lastly, you should fill up the form in an honest manner so the IRS will recognize your request for tax deduction. It is also important to itemize your tax returns. Following the guidelines will also increase your chance of qualifying for tax deductions. Never forget to ask for an acknowledgement especially when the value of the car is over $500. Discover more on http://www.auto-wear.com by visiting our influential encyclopedia.