Posts Tagged ‘tax extension’

Get Your Car Donation Tax Deduction

Friday, October 29th, 2010

Getting in Your Deduction

The year is winding down, and as November gets started and the holiday season begins to claim our attention, the idea of paying our taxes gets pushed to the bottom of the priority list. However, if you are sitting on a vehicle that has seen better days or you intend to donate a car for the tax deduction, it has to be done before December 31 at 11:59pm.

If you are going to donate a car and take a deduction on your 2010 taxes, you should start the process as soon as possible. Right now, there are a lot of people who are thinking about donating their own cars at the last minute, and soon it will be difficult to set an appointment for pickup that fits your schedule, and you are going to feel rushed and pressured to get all the paperwork in order. December is coming faster than you think, and you don’t want to let your car donation tax deduction get lost in the holiday rush.

Tax Deduction

Get Organized

We’ve given a lot of car donation tips and information on this blog, and by adhering to these practices and starting the process as early as possible you can make the most of your car donation tax deduction. Wondering where to get started? Take a moment and review some of these important posts:

Just remember, when you are planning on taking a car donation tax deduction, you should get as much information as you can before you start the process. However, you should also remember that we’re ready to provide all the support and help we can to make this experience as simple and painless as possible.

Tax Deductions Still Apply After An Extension

Tuesday, June 1st, 2010

Try as we might, some of us just can’t quite get everything together for the April 15 deadline. We’ve done what we could, but now we need to file for an extension on our 2009 tax returns. If you’re in this situation, don’t feel too bad. More than 8.5 million taxpayers received extensions this year. The good news, though, is that you can still take a car donation tax deduction.

Keep Track of Your Documents

Many taxpayers have made their charitable donation only to lose the all-important tax deduction receipt somewhere between the time the car is taken away and the time to file for a tax return (whether filing for an extension or not). This situation is, of course, only exacerbated when deadlines get stretched out and other things start to get in our way.

The tax deduction receipt is critical to take the appropriate deduction, and it has all the information you (and, of course, the IRS) will need. It has the name of the charity that received the donation as well as its 501(c)3 registration number, the date the donation was made, and a statement that you didn’t receive any financial benefit in return for the donation. Hold onto this document. You will need it to get the full value of the deduction.

Keep Track of Your Deduction

When you’ve done something generous like donating a car to charity, you really do deserve some kind of recognition for it. The government has provided this in the form of a tax deduction, and there is no reason to miss out on it just because you filed for an extension. Get all your records together and make sure that when you do file your taxes you are deducting everything you can.