Many people trying to raise funds for a good number of noble activities almost always find themselves not knowing where to get help in the planning. You may be planning to raise money for such groups as charities, churches, sports teams, scouts, college students etc. The truth of the matter is that a successful fundraiser will definitely take a lot of work and when the planning is not all the good, you may not see any results for all the effort that was put in place. There is need for a lot of cooperation and some persistence so that your efforts bear fruit.
The first and most important thing that is required for a successful fundraising activity is organization and networking. Depending on the group that you are raising funds for, it is very important that you stay connected with some relevant persons such as the school’s PTA leadership, youth groups, different volunteers in charity groups etc.
For many people, a car is very much like a member of the family. Some even name their cars and care for them in nearly the same way they would care for their own children. So, it is understandable that they’ll be saddened when it’s time to let it go and move on to another vehicle. The idea of trading it in or sending it off to that old junkyard in the sky can be heart wrenching. One way to make it easier to break your ties with your vehicle is to send it to one of the Madison car donation services so that it can be used to benefit your favorite charity. At least that way, you can feel comforted in knowing that your car is going to be used to support a good cause. Still, caution must be used when making this type of decision; some organizations who accept car donations may either be fraudulent or at the very least misleading.
Choose Your Charity First
There are many charitable organizations that will accept your car donation; however you want to make sure that they are in a position to take possession of your car when you’re ready to donate. Using agencies like Madison car donation services can be of great assistance in helping you to cut through many of the tedious steps involved in choosing your charity. Many organizations may not be prepared to house your vehicle until it is sold and will most likely enlist the aid of a middleman in order to accommodate your donation.
Protect Yourself From Liability
There have been cases in the past where someone actually donated a car and then was held liable when the car was in an accident of some kind. It is very important that you make sure that the title to the car is properly transferred to the organization you donated it to. Verify the steps needed to do this correctly with the Wisconsin Department of Transportation Division of Motor Vehicles. When you fill out the forms make sure that you don’t leave any space blank for someone else to fill in. This leaves an opening for a fraudster to add information and can leave you holding the bag for damages later on.
Keep a Paper Trail
Regardless of what your vehicle is worth, you need to keep a thorough record of anything to do with the transaction. This is especially important if your car is worth more than $500. When you file your IRS tax return, make sure that you attach IRS Form 8283 to your tax return. If it’s worth more than $5,000, you will also need to add a third party appraisal. Everything should be well documented for your protection, including proof of the donation, a receipt from the charity, and a copy of the title change. Here’s a link to a great article on understanding tax laws when donating a car in Madison, WI: http://www.rawhide.org/donations/vehicle-donations/understanding-tax-laws-youre-ready-donate-car-madison-charities-get
It may seem to be a lot of extra work to do but when you use Madison car donation services, you’ll find all of these steps to be much easier to do. After all, your old car has probably been a member of your family for years and you’ll want to be sure that it’s going to be used in a way that will make you feel proud to have let it go.
No matter who you are, at some point in time you’re likely to have an old car that needs a new lease on life. You may decide to sell it, but it may not be valued high enough to make it worth your effort. In that case, you might seriously consider making a donation to a charitable organization of your choice. If you have been asking yourself, “how to donate my vehicle Madison charities will get,” here are a few basic guidelines that you should consider:
Verify That the Recipient Is an Allowable Charity
The first thing you want to do is to verify that the organization you’re considering is a legitimate 501(c)(3) that is qualified to accept your donation. If it is not allowed then you will not be able to claim the deduction on your tax return. You also want to make sure that the charity you choose actually accepts donations without charging a fee.
Consult the Kelley Blue Book or the IRS
Once you are able to say that you have a good understanding of how to donate my vehicle Madison charitable organizations will receive, the next thing that you would do is determine the fair market value of the car. You can do this by consulting the Kelley Blue Book or the IRS Publications 526 and 561. If you donate the car to a qualified organization your allowable tax deduction will be limited to the gross proceeds from the sale. The only time you will be allowed to claim a higher value is if the organization makes “significant intervening use” or works to improve the car before it is actually sold. If that happens you can deduct its full fair market value. It’s important, however, to know that if the car is valued at $5,000 or more you must have a certified appraisal done before you make the donation. Here’s a link to a great article on understanding tax laws when you’re ready to donate your vehicle to a Madison, WI charity: http://www.rawhide.org/donations/vehicle-donations/understanding-tax-laws-youre-ready-donate-car-madison-charities-get
Make the Donation
Before the donation is made you need to find out what the organization will do with the vehicle. They will have two options. If they decide to use the vehicle, you will be given the fair market value as a deduction. However, if they decide to sell the vehicle for money, you are entitled to deduct the sale price of the vehicle. If this happens, you should receive a receipt that will show the name of the charity, its tax ID number, the date of the donation, donor’s name, and year, make, and model of the car. This documentation is needed for you to claim it as a tax deduction and the charity also needs it in order for them to file their 1098c with the IRS.
Whenever you choose to donate your car you need to take the time to understand all the steps involved in order to answer your question on “how to donate my vehicle Madison charities will receive.” Follow the state’s regulations for every step and you will know exactly what to expect and how to do everything required. Make sure that you keep all of your paperwork and records in a safe place so that when you’re ready to file your tax returns everything you need will be accessible.
When you make a car donation in Madison you are giving back more than you may even know. Did you know that a car donation in Madison has the ability to turn around the lives of at-risk youths and their families? If you are interested in helping those in need and getting the chance to get rid of your old vehicle then you have found the right blog.
One great charity you can make a vehicle donation to is Rawhide. This is a faith-based nonprofit organization dedicated to bettering the lives of children. They help those at their facility by providing them with counseling services and education that is specific to their learning habits and needs. Since this organization is ran as a nonprofit organization they need donations from the community to stay in business. They accept all sorts of donations but the one you may be most interested in is the ability to donate a car to their charity.
A car donation in Madison made to this organization can be done in as little as three steps. The first step is to fill out the car donation form located on the donate page of Rawhides website. After you have entered all of the necessary information into this form and submitted it, Rawhide will contact you to set up a time and place to pick up your vehicle. They will tow your vehicle away for you, free of charge. After they receive your vehicle, they will send you a receipt that you can use to file for a tax deduction.
Due to the organization’s nonprofit status you have the ability to receive a tax deduction for your car donation in Madison. You can obtain up to $500 for your car donation tax deduction when you donate to Rawhide. They will give you all of the required paperwork and help you obtain the maximum tax deduction possible. They have helped thousands of people receive a tax deduction for their vehicle donations in the last 30 years and they want to help you too! For more information about this organization and how to donate a car in Madison, go to http://www.rawhide.org/home/donations/madison-car-donation-services/.