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Thursday, December 21, 2017
Pria Ini Rela Datang ke Wisuda Mantan Pacar, saat Pulang, Tak Disangka Ia Dapat Pesan Tak Terduga dari Si Cewek!
Donate Car To Charity Fraud: How It Works
(with video below)
Donate a car to charity but avoid crooks. They're back at it. This year, one of the biggest scams around is the Donate Car to Charity or Car Donation Tax Deduction scam. Let's take a look.
Your old car is still running fine, but you consider getting a new one. The old vehicle is not really worth much anymore and you decide to donate it to a charity, especially since you are offered a charitable tax receipt in exchange. All you need is to find out where to donate a car and charities that accept car donations. However, the most important thing is to know how to do it.
Watch the video below to see tips and to find out how to donate your car for tax credit:
Car Donations For Charity Tips Video
How does the scam work? By law, a percentage of the sale of the cars donated should go towards charitable programs. Unfortunately, many recipients of the cars give away very low percentages, sometimes only 1% - keeping the rest!
The scam is also prevalent when it comes to the ads that offer to help you make a car donation to charity for tax credit. Oftentimes, these are middle-men who give only a fraction of the car donation worth to the charity.
In the United States, these middle-men are not required by the IRS to contribute a certain amount of the auto's proceeds to a charity. The amount the charity receives from a car donation is negotiated by the charity and them.
However, this scam could occur in Canada, Australia, or the United Kingdom as well.
Donate Car To Charity Fraud: How To Avoid
How to donate your car for tax credit? You should consider a few things before donating your car. Check with your local Better Business Bureau to make sure the charity is reputable. Always avoid the middleman.
Research well where to donate a car in your city. Also, inquire what percentage of the vehicle's sales go directly to the charity and sign the vehicle's title directly to the charitable organization.
Don't be shy to ask how the funds from the donated vehicle will be used.
Look for a charitable organization in your area. If you are a US citizen, make sure that the charity you choose for your car donation is a 501(c)(3) organization. These are the only nonprofit groups that can provide a tax deduction. Last but not least, try to deliver the car yourself - don't let anyone to come and pick it up.
There are several good charities to donate to. You just need to find the best car donations program in your town. Whether you think about SPCA car donation, the Kidney Foundation, the Humane Society, veteran groups, any children organization, or even if you consider to donate car to church, do an extreme homework.
Same thing happens if you consider donating your motorcycle or boat. Many people look first for how much tax deduction for car donation they would get, ignoring to do diligence on the recipient. There are many legitimate charities that accept car donations, just do your homework well.
Donate Car To Charity Fraud: How To Report
You can report a Car Donation Tax Deduction scammer in your area using the link below:
Report a Car Donation Tax Deduction Scammer HERE
What About The Car Donation Tax Deduction?
The deduction for donating a car is based on the fair market value of that vehicle. You can get the fair market value in a number of different ways. The most common way is going on the Internet and look at specialty web sites that allow you to put invehicle's details: year, condition, etc.
The donation is based on a list that IRS has featuring organizations that are qualified as donors. However, churches, temples, mosques, governments, or government agencies don't have to be on that list as a qualified organization to donate to. However, most of the time people are donating the vehicle to groups like the ones above.
In order to get the benefit from donating a vehicle you have to itemize your taxes on your tax return. Itemize rather than doing the standard deduction, otherwise it's not even worth making a donation. You'd be better off selling it if it's a low class vehicle.
You need to be honest about the fair market value of that vehicle because the IRS will look for supporting documentation on how you came up with the fair market value. Make sure you'd be in as close as to perfect on that amount.
Don't always go with the highest fair market value. What a lot of people do when putting in the information of a vehicle is lying that the car is in a better condition than it actually is. You need to find a value somewhere in the middle.
Since you're donating your vehicle it's probably in a poor condition so make sure that you put that into the description, regardless of the vehicle donation program.
You have to document that donation and with the documenting you need to make sure you're getting a receipt from the place you're donating to. On that receipt you need to have a date, the amount, the address of the place, and a phone number of the contact person.
If the IRS audits you it is going to need all of that, otherwise they do have the right to exclude the donation. IRS Publication 4302 provides details from all the rules and regulations with donating a car.
You can also use an online calculator for any car donation. This will allow you to put in your donation and see how it's gonna affect your taxes and refund. If you're donating a car that has a value of more than $5,000, you're going to have to fill out form 8283.
Here you're gonna put the name of the organization that you donate the vehicle to, with a description. It's going to have all the dates: date of acquisition, how you acquired it, how you came up with the fair market value, etc.
When you do your taxes online is automatically going to attach this form to your regular 1040 that you submit to the IRS. It's gonna ask you a series of questions about the donation. The publication that the IRS provides has a lot of small details about donating.
If you're donating quite a bit this is something you're gonna wanna understand just to make sure you're following all the rules and guidelines.
How To Protect Yourself More
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
Car Donation Tax Deduction – How To Get The Maximum Tax Benefit Out Of Your Vehicle Donation
your car or vehicle to charity can be a great way to get a federal tax
deduction (state income tax deductibility depends on state law), and
Wheels For Wishes makes it easy. If you would like to help your local
Make-A-Wish® and get the maximum tax deduction, then you’re already
almost done. It’s as simple as filling out the little form to the right
or calling 1-877-431-9474. We make the process easy, and you get the
most good (and highest tax deduction) for your car. Not only that, but
you are also helping a local child’s wish come true.
how car donation tax deduction works
Prior to January 2005, the IRS was allowing people who donated to a qualified car donation
program to take a tax deduction based on their vehicle’s market value
no matter how much or how little the vehicle sold for. Determining the
market value of a donated vehicle is often quite difficult and
time-consuming, which made determination of the amount of the tax
deduction confusing. Fortunately, as a result of the new tax law that
went into effect in January 2005, the IRS has taken the guesswork out of
determining the value of your donated car, truck, RV, boat or other
The IRS allows the taxpayer to claim a charitable tax deduction as follows:
We make it easy to get the maximum tax deduction for your vehicle donation!
Simply filling out the quick form to the right (or call 1-877-431-9474)
and we take care of the rest. Your vehicle is picked up, sold, and
proceeds benefit your local Make-A-Wish®, but you also get a 100% deductible receipt.
If the donated vehicle is sold for less than $500, you can claim the fair market value of your vehicle up to $500 or the amount it is sold for if less than fair market value.
If the donated vehicle sells for more than $500, you can claim the exact amount for which the vehicle is sold.
any vehicle sold for more than $500, the exact amount it is sold for
will be stated on your notification mailed to you, which in turn will be
your charitable tax deduction. For additional information, the IRS
provides A Donor’s Guide to Car Donations (Publication 4303 linked below),
which details the determination of the value of your donated vehicle.
As always, we help people donate their cars every day, and we would be
happy to help you do the same. Feel free to call us at 1-877-431-9474
with any questions you might have and one of our representatives will
Frequently Asked Car Donation Tax Questions
my vehicle donation be good for the year that I sent in the donation
form, even if I don’t receive the receipt until the beginning of the New
IRS Publication 4303, “A Donor’s Guide To Vehicle Donations” states: “…
the written acknowledgment must contain the date of the contribution…”
The date of contribution is the date that we received the donation form.
So it can even be on the 31st of December and will still allow a
charitable vehicle deduction for that tax year.
Q:Does the donation count toward the year I submitted the online form even if the vehicle isn’t picked up until the new year?
A:YES! As stated above.
Q: Some charities offer vacation packages as incentives to donate. Does that affect my tax deduction?
If a charity provides a commodity, like a vacation package, for
example, in exchange for a car or vehicle donation, then the tax receipt
from that charity must state the fair market value of that commodity
and the fair market value of that commodity must be subtracted from the
value of the car donation.
If your vehicle sells for $1,000.00 at auction and your vacation
package that you receive has a fair market value of $400.00, you can
only deduct $600.00. That’s $1,000.00 for the donated car less $400.00
for the vacation package resulting in a maximum deduction of $600.00
($1000.00 – $400.00 = $600.00)
certainly do not want donors to be shocked by receiving a tax letter
that states they have to subtract the fair market value of the vacation
from the value of their vehicle.
Latest IRS Publications Concerning Vehicle Donations And Deductions
IRS Pub. 561 – Determining the Value of Donated Property – An excerpt regarding fair market value
IRS Pub. 4303 – A Donor’s Guide to Car Donation – An excerpt regarding new tax law information
We’re Ready To Help, and It Couldn’t Be Easier
work hard to get you the maximum tax return for your vehicle donation.
Feel free to call us at 1-877-431-9474 with any questions you might have
and one of our representatives will help you.
It's easy to donate a car to charity if all you want to do is get rid
of it. Simply call a charity that accepts old vehicles and it will tow
your heap away. But if you want to maximize your tax benefits, it's more
complicated. Here's a walk-through of some of the considerations, with
the usual proviso that you should discuss these issues with your tax
preparer before you act. You Must Itemize Your Return If you want to claim a car donation to reduce your federal income taxes,
you must itemize deductions. You could itemize even if the donated auto
is your only deduction, but that's usually not the best choice. Here's the math: Suppose you're in the 28 percent tax bracket and the
allowable deduction for the vehicle's donation is $1,000. That will
save you $280 in taxes. If you're in the 15 percent tax bracket and you
get that same $1,000 deduction, it will reduce your taxes by $150. If the car donation is your only deduction, it's likely that taking a
standard deduction would save you thousands more dollars in taxes. The
only way that donating a car nets you any tax benefit is if you have
many deductions and if their total, including the car, exceeds the
standard deduction. And remember, you can always donate as much as you
want to charities, but the IRS limits how much you can claim on your tax
return. The 2017 Tax Bill and Car Donations Taxpayers who are considering donating a car to charity might be
wondering how the tax bill passed into law in December 2017 could affect
their decision. To begin with, the bill, called the Tax Cuts and Jobs
Act, lowered tax rates but also altered the previous income brackets.
Beginning in 2018 you may find yourself in a new bracket, which might
result in either lower or higher taxes, depending on your individual
situation. And that means the tax benefit from a donation might be more
or less advantageous. Another important change is that the new law raises the standard
deductions from $6,350 to $12,000 for individuals and married couples
filing separately; from $9,350 to $18,000 for the head of a household;
and from $12,700 to $24,000 for married couples filing jointly. This
change likely means that fewer people will find it beneficial to itemize
deductions. "The vast majority of taxpayers are going to take the standard
deduction," says David L. Thompson, vice president of public policy for
the National Council of Nonprofits.
"That means most taxpayers have no incentive to give to charity. That's
a serious concern. We fully expect the doubling of the standard
deduction to reduce giving by $13 [billion] to $20 billion a year." With these and other changes resulting from the revised tax laws,
it's more important than ever for consumers to consult with their
financial adviser or tax preparer before making a decision about
donating a car to charity. The Charity Must Qualify Only donations to qualified charities can provide a tax deduction for
you. A qualified charity is one that the IRS recognizes as a 501(c)(3)
organization. Religious organizations are a special case. They do count
as qualified organizations, but they aren't required to file for
501(c)(3) status. To help you determine whether a charity is qualified, the easiest thing to do is to use the IRS exempt organizations site, or call the IRS toll-free number: 877-829-5500. A Key Concept: Fair Market Value The IRS defines fair market value as "the price a willing buyer would
pay and a willing seller would accept for the vehicle, when neither
party is compelled to buy or sell and both parties have reasonable
knowledge of the relevant facts." In this scenario, neither the buyer
nor the seller can be an auto dealer. Both must be private parties. What complicates the matter for taxpayers is that under current IRS
rules, you can only deduct a vehicle's fair market value under four very
specific conditions: 1. When a charity auctions your car for $500 or less, you can claim either the fair market value or $500, whichever is less. 2. When the charity intends to make "significant intervening use of
the vehicle." This means the charity will use the car in its work. 3. When the charity intends to make a "material improvement" to the vehicle, not just routine maintenance. 4. When the charity gives or sells the vehicle to a needy individual at a price significantly below fair market value. Determining Fair Market Value Edmunds can help you determine your vehicle's fair market value with its Appraise Your Car
calculator. Enter the car's year, make and model, as well as such
information as trim level, mileage and condition. By looking at the
private-party value, you'll get an accurate idea of what your vehicle is
worth. Note the caution from IRS Publication 4303:
"If you use a vehicle pricing guide to determine fair market value, be
sure that the sales price listed is for a vehicle that is the same make,
model and year, sold in the same condition, and with the same or
substantially similar options or accessories as your vehicle." Getting Fair Market Value Is Rare It's not realistic to expect that your car will meet one of the
stringent fair market value requirements. Only about 5 percent of
donated vehicles are suitable for use by charity recipients. About a
third of donated cars are junked, and the rest are auctioned off. So unless your car is in good or excellent condition, it will most
likely be sold at auction or to an auto salvage yard. In that case, your
deduction is based on the car's selling price, not your estimate of its
fair market value. And note that this price is not necessarily
something you'll know when you donate the vehicle, or even before the
next tax-filing time, since an organization has up to three years to
sell your car. Paperwork Is Important Getting tax benefits for a donated car requires a lot of documentation,
whether the car is junked, sold at auction or given to a charity's
client. IRS Publication 4303 has all the details. Be sure to keep all
the papers or electronic files. You'll need them at tax time. If there's a delay in getting paperwork from the charity, your first option, according to IRS Publication 526, is to file Form 4868.
That's a request for an automatic six-month extension of time to submit
your return. Your second option is to file the return on time without
claiming the deduction for the qualified vehicle. When the charity
finally sends your notification, you can file an amended return using
form 1040X to claim the deduction. You'll have to attach a copy of the
notification to your 1040X. Another Approach To Car 'Donation' Besides giving your car directly to a charity, there is another way your
vehicle can help a charity and also maximize your tax benefits: You can
sell the car yourself and donate the proceeds. By doing so, you might
be able to generate more cash than if you let the charity sell it. Parting with your old vehicle could help a nonprofit carry out its
mission and also might make room in your garage for a new car. But how
you proceed depends on your goal. If you're focused on getting rid of a
junker with minimal effort and you'd look at the tax deduction as a nice
bonus, then donating your car makes good sense. But if your goal is to
maximize your tax deduction, carefully review these steps, consult with
your tax adviser and then make an informed decision.
Thinking of donating your clunker to charity for a nice tax deduction? Proceed with caution. The gifting of used cars to "charities"
has become a favorite way for Americans to dispose of unwanted
vehicles. And why not? You can avoid the headache of selling or junking
the car, help a charitable cause and lower your tax burden all at the
same time. Unfortunately, the
experience is rarely, in reality, such a win-win situation. Not only do
charities typically see little of the proceeds from a used car sale, but
donors can run afoul of the taxman if they're not careful.
Kreicher | Getty Images
"At the end of the day, donating a used car could
be the least cost-effective way to give to a charity," said Stephanie
Kalivas, an analyst with CharityWatch, an organization that monitors the
charitable giving industry. The problem is the
industry is riddled with fraud and misrepresentation. Attorneys General
from multiple states have investigated car donation charities for false
advertising and self-dealing. Many of the organizations are for-profit
intermediaries that give token contributions to a participating charity.
Others misrepresent the cause they support and/or give low percentages
of their funds raised to their stated targets. Kars4Kids, for example, a
New Jersey-based organization with an insipid yet highly successful
advertising jingle, has received more than 450,000 car donations,
according to its website. The organization, however, got a D rating from
CharityWatch because it distributes less than 50 percent of the money
it takes in and because, despite a national advertising campaign, it
fails to adequately disclose that the money goes to benefit Jewish
children only, and almost exclusively in the New York/New Jersey area. "They're not transparent
about what they do," Kalivas said. "A lot of these organizations mislead
the public, and people need to be careful." More from Smart Investing: Wendy Kirwan, director of
public relations for Kars4Kids, said the costs of marketing and
operating the car-donation program are high but that because the
organization processes donations in-house, more money goes to its
charitable work than others who use third parties. She also said that
while the catchy advertising jingle doesn't spell out which kids benefit
from the charity, the information is readily available on their website
kars4kids.org. "This is an innovative way to support charity in a way
that helps the charity and the donors," said Kirwan. "A lot of people
wouldn't otherwise be donating to charity if it wasn't with their car." For people solely looking
to dispose of an unwanted car for which they won't take a tax
deduction, it may not seem to matter what happens to the vehicle and who
benefits. Kalivas, however, suggests that charities would be much
better off if people sold their cars themselves and donated the
proceeds, or simply called up charities they know to find out if they
have car donation programs. If the car in question is
valuable and you plan to take a deduction for it, protect yourself.
Individuals donating cars can inadvertently mark themselves with big red
flag for Internal Revenue Service auditors.
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When donating a car, here are eight key things you
should consider to maximize the benefits to charity and minimize the
risk to yourself. 1. Research the charity you plan to give it to. If it doesn't have 501(c)(3) non-profit status with the IRS, it is not a charity and your donation is not tax-deductible. 2. Pick efficient charities to give to.
There are multiple organizations such as CharityWatch that evaluate
charities and rate them for efficiency in supporting their causes. 3. Itemize. To
take a tax deduction for a car donation, you have to itemize deductions
on your return. There are detailed rules about the amount you can
claim. Taxpayers can deduct the full market value of a donated car under
three circumstances: The charity uses the car in its operations; it
materially improves the vehicle to sell or use it; or the charity
donates or sells it to a needy person for below market value. Otherwise,
you can only deduct what the charity receives as proceeds from selling
the car. 4. Get a receipt. Make
sure to get a receipt from the charity for the vehicle and eventually a
document certifying how much the vehicle was sold for. Charities are
required to provide that document within 30 days of selling the car.
"At the end of the day, donating a used car could be the least cost-effective way to give to a charity."-Stephanie Kalivas, analyst at CharityWatch
5. Don't forget IRS form 8283. If
the sale price or fair market value of the car is greater than $500, you
have to complete section A of IRS form 8283 and file it with your tax
return. Consult the Kelley Blue Book, the Hearst Black Book or National
Auto Dealers Association for market values. If the car is worth more
than $5,000, you need to get an independent appraisal of it and also
complete Section B of Form 8283. 6. Drop it off. If
the car is road-worthy, drive it yourself to the charity you're
donating to. It saves money and ensures you're not giving the car to
some unrelated, for-profit intermediary. Make sure to sign over the
title of the car to the organization and that a representative signs it,
as well. If someone is picking the car up, have them sign the title and
take a photocopy of it. People have been on the hook for liabilities on
donated cars that were not properly signed over to a new owner. 7. Snap it. Take pictures of the car and keep receipts for work and repairs done on it — particularly if you're claiming a deduction for it. 8. Read up. Read IRS publication 4303 — A Donor's Guide to Car Donations. — By Andrew Osterland, special to CNBC.com Note: This story has been updated with a response from Kars4Kids.
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Pria Ini Rela Datang ke Wisuda Mantan Pacar, saat Pulang, Tak Disangka Ia Dapat Pesan Tak Terduga dari Si Cewek!