Wednesday, May 16, 2012

Save on taxes with a car donation

Pretty much all of us are done with our taxes this year, but it's not too early to think about next year!

One way to save on your taxes is through car donations. If you're thinking of donating your car, consider the following:

  • Be sure to review the IRS's Donor's Guide to Vehicle Donation.
  • Do you itemize your taxes?  If you don't, donating a car will not help you save on taxes.  You'll only save if you take deductions beyond the standard deduction.
  • Check to see the value of your car with - you can only deduct the current value of the car on your taxes, from what I understand.
  • See if selling your car would make you more money, whether in a private sale or to a dealership.

(This post may contain affiliate links. Please see my disclosure policy for more information.)


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