Know before you Give The Benefits of Donation to Charity
Uncovering The Full tax Benefits of Donation to The Giving Center
If you have a car or boat that is past its usefulness, beyond repair or just does not fit with your changing lifestyle we would like to help you turn that donation into a tax deduction. Real credit that can offset a looming tax bill. Beyond cars and boats, if you own property, stocks or anything else of value the Giving Center is your answer as the right charity to give to. We are the only charity that handles both vehicles (from cars to planes) and all valuable collectibles; including furniture. In return for your gifting to charity, you receive tax benefits based directly on the full fair market value of your donation. Below, we have taken the time to list some of the largest benefits donors receive when they donate to The Giving Center.
We all want to give to charity like millionaires and famous people; giving big amounts of cash all at once. Unfortunately, most of us are not in the financial position to give such large donations. However, most of us have a vehicle, or other form of valuable property that may be beyond its prime. In this instance you can give to charity and gain Full Fair Market Value in the form of tax benefits, fast towing, friendly customer service and a hassle free tax deduction.
The Biggest Benefit For Donors | Your Donation is Tax Deductible
As long as you give to an IRS recognized non-profit like the Giving Center, you are eligible for a tax deduction. Now, what is an IRS recognized charitable organization? Under 501(c)3 the IRS recognizes organizations as tax exempt if they are "organized and operated exclusively for exempt purposes". See below What is a 501(c)3 Charitable organization and how does this affect my donation for further information.
The tax deduction you receive will be based directly on the full fair market value of your vehicle or other property donation. If you are looking at a hefty tax bill at the end of the year a direct tax deduction from a charitable donation could be the perfect offset and answer to your tax woes. Check out what the well known Charity rating website Charity Navigator has to say about full market value, tax deductions and the Benefits of Giving; based on your tax bracket.
To receive a full fair market value tax deduction eligibility you must give to a qualifying 501(c)3 charitable organization or other recognized non-profit. The Giving Center is recognized by the IRS and qualifies to offer donors fair market value tax deduction eligibility under the 501c3 IRS statute. Giving to a charitable organization that is not recognized by the IRS can severely jeopardize or even, fully disqualify your donation.
We provide Not 1 but 2 full Donation Receipts to our Donors as required by the IRS when applicable as proof that you have given to an IRS qualified organization. This helps further ensure a mistake free donation. Our staff will come out to your location and provide you an on-site receipt at the time of donation. This receipt will be something that you will want to hang onto until your in the mail donation form arrive. The document that arrives in the mail is a 1098c document; and will be the full representation of our receipt of your donation. It will also be part of the documentation you provide your tax preparer when the time comes to file for your eligibility of a full fair market value tax deduction. Our two form donation system helps you track your donation from day one; and further guarantees your eligibility for maximum tax benefits.
If you donate Collectibles to charity we will provide you with a form 8283; this IRS approved form will serve as your receipt and recognition of donation. We provide you with a copy of this form as an acknowledgement of your donation to charity; and that we received your gift in full (The condition you specified). Once You have this 8283 donation form your tax preparer will use the information we have provided to file the carbon copy 8283 IRS form; completing your donation.
While 1098c donation forms exceed all IRS requirements for donation of cars, boats and other vehicles, the separate 8283 donation form is required for all antiques comic books, collectibles and other property of value.
What is a 501(c)3 Charitable organization and how does this affect my donation
According to the IRS (see original, full post here) ‘To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.’
A 501c3 organization must adhere to strict qualifications and guidelines according to the IRS. Organizations cannot operate for the sole benefit of 1 individual or business. They cannot push for any one candidate or particular form of legislation. At the Giving Center.org we meet all qualifications under Section 501c3 of the IRS tax code.
Is my Donation to charity going to give me full fair market value for my vehicle?
Two of the best resources, which are continuously updated by the Internal Revenue Service, are IRS publication 561 and IRS publication 526. We ask all of our donors to look at and review publication 561 and 526 prior to giving. Specifically, if you want to learn about Full Fair Market Value for your donation, review page 10 Determining Fair Market Value.
In short, both Publications refer to the importance of looking at comparables and the open market; at the current time of donation. This will help you determine full fair market value of your item. Often, you can use the sale price received by the charity you donate to, as a guideline in determining full value. For the best possible market value determination you should use several verified sources known for their expertise in your field. This will help ensure maximum value and zero headaches with the IRS.
Your Tax Deduction Can Extend for up to 5 years
It is true that in some cases donations can provide years of tax benefits for the donor. At The Giving Center we have a 100% track record of providing donors full market value for their items. In some cases our donors are able to roll over their tax deduction benefits if they exceed the donation limits set forth by the IRS. While most owners do not have to worry about donation limits and rolling over a tax deduction, some will want to look into the further benefits of year over year tax deduction. Our charitable organization is one of the few experts in year over year tax deductions and the continuous paperwork needed to help lock in your full value. Give your gift with us and we'll Do our best to make sure your federal tax deduction benefits are at their maximum allowed value!
Donation Is Extremely Easy. One Free Call Schedules Your Donation
Contact our team today. We have helpful, knowledgeable team members available seven days a week; ready to answer your questions about giving to charity. You can call and ask his questions in a no-pressure environment or donate in as little as five minutes. We are here to help you learn more about the benefits of giving to charity through car donation, boats or other type of property given to charity. Contact a team member today.
Fast Free Pick up Anywhere in the World
Donation through the Giving Center.org is available anywhere in the United States, Mexico, Canada and internationally. We have the largest network for charitable giving available. This means that you can have your donation moved and a donation receipt in your hands, in as little as 24 hours. Ready to learn more about the donation benefits of giving to charity? Give us a call 888-228-7320.