I learned a lesson heart wrenching and mind-boggling lesson a long time ago. One that is still with me. A lesson that was so profound but yet so simple. It is like that saying as plain as the nose on your face. You know right there all the time.
I traveled down a street lined with trash, air filled with smog, flowers that were overpowered with dirt and people who did not appear to have homes. The road was long and a bit scary. It was one I wasn’t supposed to travel down because I had made the wrong turn. I held my purse close to my body and didn’t look up. I tried to focus on what turn I made and what turn I should have done. I walked swiftly. I let fear take over.
When you make a wrong turn can you make it right?Continue reading
You probably heard it more than a dozen times from tv or radio commercials or read it from newspapers or magazines ads, Donate Car for Tax Credit but is it really that easy? Yes it’s true that you can get tax credit, but the big question is how much tax deduction can you get? Some people tend to get smaller than what they expected. Donating your car to charity can benefit you with a significant amount of tax savings if you will do proper planning and you’ll have all the proper documentations.
1. Make sure that you’re donating to a reputable charity, an IRS-approved 501(c)(3) organization.
2. According to the Internal Revenue Service (IRS), your deduction depends on how the charity uses your donation. If they sell your car (truck, boat, RV, or other vehicle), then your deduction will be the sales price. If they use it in other ways then you can use the car’s fair market value.
3. What is the car’s fair market value? The IRS suggests that you use a reputable used-car price guide such as the recent copy of the Kelley Blue Book to calculate your car’s fair market value. The private party prices are based on a vehicle’s make, model and overall condition.
4. Take note that there’s also a donate a car for tax credit rule, all taxpayer has a $500 threshold on vehicular gift. So even if the charity sells your car sells for $500 or less, still you can deduct $500 or your car’s fair market value, whichever is less.
5. Make sure that you keep a thorough list of paper trail. Most charities will report the sales price of your car to you on a form or a receipt, so make sure to have those documents.
6. Make sure to report the amount of your deduction. File all the forms necessary. If your deduction is greater than $5,000, you may also need a written appraisal as documentation.
Want to make a difference and help other people? Read these and be inspired:
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I love our Military and I know first hand how hard it is to be a member of the United States Military. It turns out that overseas military families can use expired manufacturers coupons for up to six months after the expiration date at the commissaries. We have lots of expired or unwanted coupons every month, so make sure not to throw those coupons and instead save it and send them to people who serve us. Knowing that they can still use it will be a big help to them and their families. This year we are helping a base in Japan by sending coupons for troops.
I am committed to helping them save their hard earned dollars by collecting and mailing coupons to troops overseas. I believe we can all make Dollar$ out of Change so follow www.madamedeals.com.
+++ Please take note that only manufactures coupons can be accepted. Please do not send coupons for specific stores or restaurant coupons.