Charitable Giving Information

Archive for the ‘Car Donations’ Category

Car Donations To Charity

Question: Car donation for tax write-off?

I’m an independent contractor in need of some tax write-offs. It was suggested to me by an accountant that I purchase a car for a few hundred dollars, and then sometime during the year, donate it to a specific charity (a local church) that offers a minimum $1,000 tax write-off for car donations.

In other words- buy a car for $500, use it as a tax write-off for $1,000.

Is this legal? I’m all for tax write-offs, but I don’t believe in being dishonest with my taxes.

Thank you in advance!

Answer: First of all, no, it doesn't work like that. Second of all, even if it did, it would likely cost you money, not save you money.

1) Until a few years ago, you used to be able to deduct the fair market value of a donated car. Then Congress changed the rules to eliminate a lot of the fraud that was taking place. Now, unless the charity you donate the car to intends to keep the car and use it for its charitable purpose (in which case you can still deduct the FMV), you can only deduct the amount the charity actually sells the car for (they have to provide you with a statement telling you this amount after they sell it). So, in the latter case, they obviously aren't going to sell the car that you bought for $500 for $1000 -- unless you got some amazing deal when you bought it. Since they will probably sell it at a wholesale auction, you'll be lucky if they get $300 for it, which is all you could deduct. On the other hand, even if the charity intends to keep and use your donated car, you can only deduct the FMV. What is the FMV? It is the price a buyer would be willing to pay for the car on the open market. If you just bought the car for $500, that is a pretty good indication that the FMV is $500. And that would be your donation.

2) Even if, by some miracle, you could deduct $1000 for that car that you just bought for $500, you would still lose money on the deal. Why? Because a tax deduction is not "deducted" from the amount of tax that you owe (that is what a "tax credit" is). Rather, a deduction is deducted from your income, before the amount of tax is calculated. The actual cash value to you of a deduction is the deduction multiplied by your tax bracket. For example, let's say that you are in the 25% tax bracket (for a single person, that would mean taxable income -- after all of your deductions and exemptions -- between $31,851 and $77,100; for a maried couple filing jointly, taxable income between $63,701 and $128,500). A $1000 deduction only lowers your federal tax bill by $250. So you would wind up $250 in the hole after paying $500 for the car. Even if you are in a state with a high state income tax rate of 10%, you would still be in the hole $150. Your combined federal and state tax rate would have to exceed 50% for your example to save you any money at all, which is pretty much impossible since the top federal rate is 35% (for income exceeding $349,701), and I don't think any state's top rate is 15%.

Incidentally, as an indpendant contractor, you can deduct a lot of things as business expenses (depending on what your business is). You should talk to an accountant about this (rather than car donation schemes).

Charity Navigator's Tax Tips: Valuing Car Donations

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Car Donations California

Question: Is this legal corruption in California?

The CHP 11 -99 foundation I know that there are a lot of law enforcement members in this site, but I was kind of worried about this license plates because they do work, its a license frame that will even provide you with an ID depending on how much you donate, and sometimes when people speeds up sometimes over a hundred miles per hour and they have their plate and ID with them the police officer will give them just a warning, I don’t think that this is fear for poor people who can’t contribute with a donation. Also I have seen this plates just on attractive cars. Now my question is is this frame and ID worth the money?

Answer: You asked this question:

"Now my question is is this frame and ID worth the money?"

And I'll submit that nobody here can answer this question for you. You would be the final authority on whether or not something had worth. If you don't place any value on it, then it's not worth anything.

Used Car Donation : How to Donate a Car in California

Car Donations Massachusetts

There are many various features of low cost mobile insurance plans to choose from, depending on what mobile rider desire to cover and what he may afford. Where should you get started?

Physical Damage Requirements of Direct Motor Insurance Policy for Drivers

At first everybody should ask yourself if he obtain enough care in case of a traffic accident happens. In most states the average vehicle insurance bills include property damage liability and bodily injury liability insurance for mobile driver. There are limits associated with motor liability insurance policy and it is always advised by the vehicle insurance providers that you cover yourself to the maximum by buying the most high limits that you may carry. Liability part cover others that you cause destroy. It do not usually cover driver, passengers or motor vehicle in any way. Property damage liability protect you if your mobile damages someone else property. Usually it is their motor, but it may be a gate, a garage or another property damaged in automotive accident. It is a strong idea to purchase enough of this vehicle insurance to cover the amount of damage your mobile might do to another object.

Physical Damage Liability Protection in Local Vehicle Insurance Agency

Bodily injury liability feature is mandatory in many states but some no-fault state like New Hampshire or Massachusetts do not require it. Whether it is need by department or not it is recommended to purchase this part and again with the highest level you can donate. Bodily injury liability covers another people bodily injuries or death for which you are at-fault. Filling vehicle insurance claims for bodily injury may be for such things as medicare policies, loss of business or pain and suffering. In the case of a serious conflict, you want enough insurance to cover a claim against you in a lawsuit. So it is a bright idea (and often an agency demand) to get the same amount of coverage for all of your autos.

As we mentioned there are exceptions to all state demanding bodily injury liability coverage. For example in Kansas or in Florida motorists do not must maintain this protection in local laws, unless they involved into a motor accident with injuries. Then if they did have it, bodily injury liability would bring coverage if he was at fault in an auto accident and the driver in another device suffered injuries is over the personal injury Value. Bodily injury liability covers injuries to people only and if you have to find inexpensive motor insurance price for higher coverage, you must go to ins dealer in your state. If he did not have this protection the other party has the right to sue and the state may place a cash responsibility on his driving ticket, which he would must carry for three years. That commercial responsibility is called an SR22, or high risk mobile insurance option for risky motorists. So even in a state such as New Jersey where such quote is not required it is advised to pay for it in case of causing an accident with victims than to not and leave you and your assets at risk plus being required to have a high risk assurance.

Personal Injury Requirements for Uninsured and Underinsured Motorists

Uninsured motorist bodily injury (UMBI) is the other deal you may have to consider. Uninsured motorist option covers you if another people was at-fault and you were suffered and they were not insured. UMBI protect you and your passengers for personal injuries, damages, or mortgage caused by an at-fault uninsured driver. If you are involved in motor accident where the other person is at fault but has no paper, your commercial vehicle insurance policy will cover your medical expenses up to the amount on your contract with insurer.

There is also underinsured motorist bodily injury (UNDUM) which will help you and your loved for injuries, mobile damages or mortgage caused by the negligence of a motorist with low insurance. If you have a road accident with a man whose coverage cannot meet your damages, your motor insurance quote will fill the gap up to the max limit of stated liability.

In some states like Nevada UMBI and somewhere UNDUM as well, are obligatory as component of the basic vehicle insurance requirements while in quite a few another states the option is not compulsory however the general vehicle insurance provider may offer you the coverages and you may decline in writing if you do not need them as option of your ins policy.

About the Author:

Willie James is a general mobile insurance expert of Michigan automobile insurance provider and his occupation is to write comprehensive mobile insurance comparision weekly. Ask him how to seek budget vehicle insurance premiums on his resource.

Article Source: ArticlesBase.com – Inexpensive Personal Injury Quotes of Mobile Insurance Policy Explained

VOA_President_Mass_101309.mov

Used Car Donations To Charity

Question: How do I donate a car to an EV developer?

I have a 1999 Saturn SL1 with 160K miles.
Free to the right person.
It is a 5 speed standard in fairly good condition except the engine.
Once too often I let the oil change go a week too long, or so. Now there is a clacking noise coming from one of the internal bearings.
This car would make a great electric conversion and I will give it to anyone wishing to use it for this project. (technically I will sell it to you for $1.00, unless you are an established charity able to handle donations.)

The current registration is good until November. It is currently in the Sebago Lakes Region of Maine, and the engine is good for some unknown number of miles. Maybe 100, maybe 10k? I have removed the car from my insurance policy, and the state inspection is overdo.

Answer: ----
Easy! Advertise it on this board (it's free) where the EV builders hang out.
*

http://www.austinev.org/evtradinpost/

*
You could sell it, or donate it. Sounds like someone would be glad to have it.
-----

Used Car Donation : How to Donate an Old Car

Car Donations Maryland

Copyright (c) 2009 Red Apple Auctions LLC

“One of a kind” items always sell well in benefit auctions, and what could be more unique than getting to participate in a movie or TV production!

One of the most popular items we sell in our benefit auctions are items related to the entertainment industry.

A walk-on part usually refers to the opportunity for someone to be part of the background of a movie or a commercial. This isn’t a speaking role, but for someone who hasn’t been part of a production, these can be just as exciting items to win.

Below are three auction tips on how to get these benefit auction items.

Walk-on movie part auction tip #1: Ask family and friends.

Send an email to everyone you have in your address book. Ask if they know of anyone “in the business.” You might be surprised to learn that someone has a distant connection.

At a private school auction I worked in Maryland, the auction committee was making an effort to advertise the auction to newer families which hadn’t yet been to the annual fundraiser and might not know what was involved. As part of that outreach, they talked about auction items they hadn’t yet procured, but wanted. As it turned out, one of the new-to-the-school Dads had a former college friend in the movie business. He made a phone call and was able to procure a walk-on part to a small independent movie. Based on the crowd’s interest in the item, you would have thought the winner was going to be in the next James Bond movie. They loved it!

Walk-on movie part auction tip #2: Make friends with your state film commission.

Most states have a film commission. This commission helps movie production companies by serving as a local resource. Locate your state’s commission by conducting an internet search.

Oftentimes the commission’s Website will list all of the local producers, directors, wardrobe contacts, and other individuals working in that industry.

(Here’s an extra auction tip: If one of your auction committee volunteers has an interest in acting, ask her to conduct your outreach. She’ll have a more vested interest in getting acquainted with local producers through a phone call.)

If an upcoming crew is shooting in your area, reach out and ask for a donation of a walk-on part. The item will be an exciting addition.

One thing to remember is that typically there is no flexibility on the date. For instance, if a production needs 15 people for a restaurant scene shoot on June 18 – and that date conflicts with your winning bidders out-of-town trip – it’s just too bad for the guest who bought the item.

Walk-on movie part auction tip #3: Contact your local businesses buying air time.

Admittedly, being in a commercial carries less panache than being in a movie, but there *is* good news. Many movie extras — the auction winner included — eventually end up “on the cutting room floor,” referring to the practice of being edited out of the final production. On the other hand, a local television commercial offers the winning auction guest the potential for a lot of visibility in his own town.

To secure this type of an auction item, watch TV to see which local businesses are regularly buying airtime in your market. Vehicle dealerships might be your best bet. If so, contact a dealer to see if two of your winning bidders could serve as background in the dealership’s next commercial. Imagine the commercial: As the dealer is promoting his Memorial Day sale to the camera, maybe two of your auction guests are “customers” admiring his showroom cars.

The author of this article (yes, me) has been cast in a few commercials. You can watch excerpts from our shooting day at my blog.

I’ll see you for lunch in Hollywood, baby!

About the Author:

Did you enjoy this idea? If so, you’ll love award-winning benefit auctioneer Sherry Truhlar’s bi-monthly e-newsletter. It’s filled with auction photos and other ideas for auction committees. Sign-up today at Red Apple Auctions and receive her Auction Item Guide as a gift. The Guide lists the best-selling items she’s sold in benefit auctions.

Article Source: ArticlesBase.com – Auction Ideas for Procurement: Getting Walk-On Movie and TV Roles

Donate Your Car