Of late, there has been lot of concern as to the future of charitable organizations. The economic slowdown has effected everyone and charities are no exception. They are now finding it hard to convince people to donate in these hard times. Charities such as Goodwill Industries and The American Red Cross are now fighting to secure the income they need from various sources. Fortunately, this is not proving to be too difficult. After all, there are still many people out there who have a desire to do good, recession or no recession.
Over the last decade charitable institutions have encouraged vehicle donations. As a reward for their donation people would be entitled to claim certain tax benefits, often using inflated value figures for the car from the Kelly Blue Book. This provided benefits for both the charity and the donor. Charities could sell the car to receive their vital funding and the donor would receive more money for his car than he would if he were to sell it. Unfortunately, the law surrounding vehicle donations has changes slightly, making it more difficult to claim tax advantages when you donate your car. But the good news is that, although the rules have changed, you can still receive a tax break by donating a used car. This means that there are still advantages to car donation and charities remain optimistic.
Because of these new car donation laws, many charities are altering the way they receive car donations. They will now accept much older cars. If you have an old car cluttering up your driveway and you are thinking of donating it, the good news is that the government have placed a minimum limit on the amount of tax you are entitled to claim back in reward for donating your car to charity.