Donate Your Vehicle To Charity
Due to the proliferation of car donations, the IRS became increasingly concerned about how taxpayers valued the vehicles they donated to charity. Over the last few years, the agency stepped up their audits in this area and began to advocate for changes to the laws that govern such deductions. With the passage of the American Jobs Creation Act of 2004, those changes have come. Starting with your 2005 tax return, you will no longer be able to deduct the published fair market value of vehicles worth more than $500. Under the new rules, your deduction will be determined once your car is sold and the charity sends you a receipt indicating the exact amount your car garnered at auction.
This organization was started in 1996 with a wish from the founder to bring a smile to a child's face. In particular, those children who are dealing with medical issues, physical problems, or emotional trauma are who this charity reaches out to help. The power of song, both lyrics and music, personalized for each individual child that is affected by a trauma of some type, has tremendous potential to help the healing process. Songs have a therapeutic value. You can help this charity by donating a car that you don't have a use for anymore.
The IRS does not require the car donation agencies to contribute a set amount of the auto's proceeds to the intended charities; that amount is negotiated between the charities and the handlers. Try to find an agency that maximizes that amount, and call the charity to confirm that number before you give. The charities are reluctant to criticize the middlemen, because they don't want to lose the dollars they do receive, but state attorney generals are beginning to investigate and even prosecute these for-profit middlemen, for holding themselves out as charities and misleading the public on the amount that is actually reaching charitable causes.
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