April 17 — Tax Day: Understanding the Benefits of Donating a Car
Many of us will mark Tax Day on Tuesday, April 17, 2018. It’s the deadline for many U.S. residents to file their income tax returns to the Internal Revenue Service (IRS). The date is usually on or around April 15, but this year the deadline was extended two days later to accommodate holidays.
Not all Americans need to file a federal tax return. Veterans, pensioners, and some low-income families are excused from filing unless they wish to qualify for certain types of income subsidy.
Taxpayers need not physically troop to IRS offices to file their tax returns. People are actually encouraged to file their tax details online since this is efficient and reduces the risk of mistakes being made or documents being lost in the mail.
Some taxpayers will be claiming tax deductions for the charitable donations they made the previous year. Giving away an old car or truck to help nonprofit organizations in their philanthropic causes has actually become a common practice for many individuals because of the hassle-free and simple process of donating while at the same time helping those who truly need help.
Veteran Car Donations is one the organizations that facilitate charitable donations. For over 20 years now, we have been supporting certified 501(c)3 nonprofit organizations by operating vehicle donation programs that raise funds to sustain, develop, and improve their services that are all geared towards improving the living condition of our nation’s struggling veterans, our heroes who fought for us to uphold our rights and protect our security.
Many of these veterans are living miserable lives due to unemployment, lack of support, service-related physical injuries and disabilities, mental disorders, poverty, and homelessness.
With car donations, we have been able to help many of these veterans. The services we’ve extended to them include mental and physical healthcare, transitioning assistance for newly discharged troops, mortgage-free and specially adapted homes for homeless and severely injured veterans, job training programs, grief counseling sessions to the spouses and families of those who were killed in action, and educational scholarships.
How to Enjoy Tax Deductions through Car Donations
By donating a vehicle to Veteran Car Donations, you also obtain benefits, including a potential top tax deduction. Let’s explain this further:
- To claim your tax deduction, you need to itemize your income tax return.
You can do this even if the sales receipt of the car or truck you donated is the only item to deduct from the taxes that you need to pay.
- The organization where you donated your vehicle should be an IRS-registered 501(c)3 nonprofit organization.
Tax deductions are only allowed for donations that were provided to eligible and IRS-recognized religious organizations or other charitable organizations. At Veteran Car Donations, you are assured of this since the nonprofit organizations that we work with–Homes For Our Troops, Soldiers’ Angels, Serving Veterans, Inc., and Heroes on the Water—are all IRS-certified 501(c)(3) organizations.
- Know the fair market value of your car.
If your car was sold for $500 or less, you may base your tax deduction claim either on your car’s selling price or its fair market value up to $500. If your car was sold for more than $500, you can only base your tax deduction claim on the exact amount for which your car was sold.
How to Donate a Vehicle and Get Tax Deduction
Donating an old vehicle to Veteran Car Donations to enjoy a tax deduction follows a fast and simple process.
- Call us at 877-594-5822 or fill out our online donation form if you want to give away your vehicle for the benefit of our veterans.
- We will haul off your vehicle on your preferred pickup date, time, and place and take it to an auction house.
- As soon as your donated vehicle is sold, we will send you by mail your 100-percent tax-deductible sales receipt.
Call Us and Donate Today!
If you wish to donate a vehicle to show your support for our veterans and claim tax deductions for next year’s Tax Day, you can contact us now at 866-540-5069. Donate a vehicle to Veteran Car Donations and enjoy a substantial tax deduction!