Donate Your Car for Kids in Need
There are lots of people who are in need of our help. The needy, the poor, the sick, the children… they are all in need of our help. Kids who are in need are what we are going to take into consideration here. There are numerous ways to deliver our sincere care to them, through donations of cash, household items, or even through being a volunteer. But aside from that, we could also extend our help through donating our used vehicles or even new ones to them. Through donating a car, you will not just make the children smile, you also deliver them hope while acquiring a rewarding benefits on your part, a simple act which can be beneficial to both of you.
Donating a car is also a great way of getting rid of that old vehicle sitting in front of your house or in your driveway. For a car who already vanished its attractiveness and even functionality, disposing it through donating into the charity will not just deliver convenience, save your time and effort from selling your car, and will deliver myriad of benefits.
One of the main reason why individuals are getting hooked for such donation is the tax benefits imposed by some states regarding car donation. It thus proves that once you learn how to be generous, more and more blessing is about to come.
Things to Consider Before Donating a Car
You may be blessed right at this moment driving a new purchased car and you are thinking of donating your old one to a charity within your community. This is a great move that is usually encouraged since charities need funding to support their programs. If you wish to donate your car for kids to a charity, you are required to visit or simply call the charity to hand over the vehicle to them. However, it is important to consider some factors before handing the car to a charity organization.
Know some information about the charity
– You are going to donate your car for kids that have been once a great value to you. It therefore pays to know whether your intention of helping, especially the kids will be effectively managed. You need to understand the nature of the organization, the work or programs they engage in, their rating, their efficiency, and what they do to the previous donations. Through this, you can find an organization that is worthy for the help and will use it for the benefit of the children.
You can search the Charities Bureau registry of Attorney general to see whether the charity is registered and has filed financial reports with Attorney General. You can also verify whether that charity is a 501 (c)(3) organization through looking at the IRS lists a 501 (c)(3) because if it’s not, then your donation will not be tax deductible.
Establish the car’s actual value
– Knowing the car’s value will mean you can also get what the benefit that is provided for individuals who are donating car such as tax exemption. You can either based on Kelly Blue book, NADA guide and FMV (Fair Market Value). FVM can be used when the charity makes car improvement before selling it, the charity use and keep the vehicle instead of selling it, your car will be sold at a reduced price to an individual with low income or the car’s price is less than $500. Remember to value your car properly because with the explosion of car donations, IRS became more concerned on how tax payers value their donated vehicles and thus increase their audits as well as advocate changes to laws governing tax deductions
Consider tax benefit
– It is a benefit entitled to you, so grab it. Ask the charity if they are entitled to accept tax deductible items for donatiions and documents as a proof.
Ask for a receipt
– Receipt will serve as your future reference and evidence that you really made a donation, so never forget to get it from the charity.
Highly-Rated Charities that Benefit Kids
Ask how the car will be used:
It may be not of your business; yet asking where the car will be used will be useful to know whether the selected charity is worth it and they will use your car for the general good of the community and the charity.
Highly-Rated Charity that Benefit Kids
- UNICEF: Car Donations for Kids. This is a very reputable organization that develops programs that are specially designed to receive car donations for the benefit of children and operating in a mission of helping kids in needs.
- Wheels for Wishes. This grants wishes of kids facing serious medical conditions. Make-A-Wish already grated wishes of over 250, 000 children across the globe. Once you make a car donation, the sale of the vehicle donation benefits Make-A-Wish in your locality.
- Feed the Children. Another trustworthy organization with high BBB rating. Through donating a car, you will give hope to children and aid them with foods for nourishment they desperately need. The car donation will be translated into food, medicine and any other necessities of hurting children in US and across the world.
Donate Your Car for Kids Tax Deductions?
Aside from saving you money, time and sanity, car donation can benefit you when tax time arrived. Just make sure you donate to a fully-registered IRS 501 (c) (3). Registered non-profit organization offers excellent tax deduction that will surely make you happy.
However, there are donation rules needed to take into consideration. How much can you deduct? The deduction varies on two thing: Once the car is sold more than $500 or less than $500. The deduction will be limited to gross proceeds the organization obtains upon selling the car. If it is less than $500, then you can deduct FMV up to $500.
Why Donate Your Car for Kids?
Donating Car for kids is a way of showing support and assistance to the future asset of the community. This may be just a simple act for you, and perhaps just a way of disposing your old car, however this small act can make a great difference to the life of children, and through this they will feel loved and will continue to hope knowing there are people who continuously support them.