There are thousands of Charities both at home and abroad working diligently to make the world a better place. Supporting such words can be very satisfying, and many charities will receive donations in the form of an automobile or other types of vehicle. What is the best way for you to support these causes and maximize the donation of your car?
Pick the Right Charity for You
Of course, the first step is to select a charity that embodies the same passions and values as you. From medicine to malnutrition, education to research, every cause has a related charity. Do some research and determine which one shares goals with you.
Once you have made a list of possible candidates, research each charity carefully. Determine the effectiveness of the organization. Is the charity a good steward of its donations? Does the charity do a good job turning donations into action or do they spend most of their money supporting operational overhead?
After narrowing the list of it, ask yourself what you would like to receive out of your donation. If your only goal is 2 assist a worthy cause, your decision will be more difficult. On the other hand, if you are looking to receive the benefit of a tax deduction you will need to choose your charity wisely. According to IRS regulations, tax deductions can only be taken if a donation is made to a 501(c)(3) non-profit organization. Be sure that the charity you choose falls under this designation by running an IRS Exempt Organizations Search. Further, some Charities offer donors thank you gifts in the form of gift cards or free vacations. Be careful in receiving such benefits as it may affect the amount of deduction you can claim on your taxes.
Understand Your State's Rules for Donation
For the donation process to go smoothly, it is important that you are aware of all possible paperwork and procedural rules put in place by your state's Department of Motor Vehicles. While it is legal in every state to make the donation of a car, some states have rules that are more complicated than others. Contact your local DMV office to learn the rules and regulations for your state.
Alternative Ways to Help Your Chosen Charity
While many charities are happy to bear the expense of collecting and selling your car, there may be a way that your donation could make a bigger impact. Consider selling the car yourself and then making a cash donation to the charity. This method offers a double benefit. The charity will receive a net positive benefit as a cash donation will reduce their overhead and making a simple, straightforward monetary donation may make your deduction easier to file.
Every charity is grateful to receive donations, but sometimes they need more than money to accomplish their goals. Beyond the donation of your car, consider donating some of your time to help the charity toward its aims. You will be offering them a tremendous service and will enrich yourself greatly by partnering in their efforts.