Be detail-oriented | car donate to nirlaba organization or community

This paper trail may seem cumbersome, but think about it: This may be one of the biggest charitable donations you ever make. By taking the time to dot the i’s, you can make sure that the charity gets the most benefit and you get the biggest possible deduction.

Not quite, but close. Charitable groups often sponsor events in order to raise money. You can deduct the cost of tickets to these events, but the amount shown on the ticket you buy isn't necessarily the amount you can deduct. Suppose you pay $50 for a special film screening designed to benefit a cause you support. If you can see that movie somewhere else for $8, you've made a contribution of $42. If the 'regular price' is not indicated on the ticket or anywhere else, just note the normal price for similar events or activities in your area and reduce your donation by that amount.

Keep a thorough paper trail | car donate to nirlaba organization or community

If your donation is worth more than $500, you’ll have to attach IRS Form 8283 to your tax return. If it’s worth more than $5,000, your documentation must include an outside appraisal. You’ll also need proof of the donation, such as a receipt from the charity and a copy of the title change.

While there are certainly some charities that overpay their leaders, Charity Navigator's data shows that those organizations are the minority. Among the charities we've evaluated, the typical CEO salary is roughly $150,000. Before you make any judgments about salaries higher or lower than this average, we encourage you to keep in mind that these charities are complex organizations, with multi-million dollar budgets, hundreds of employees, and thousands of constituents. These leaders could inevitably make much more running similarly sized for-profit firms. Furthermore, when making your decision it is important to consider that it takes a certain level of professionalism to effectively run a charity and charities must offer a competitive salary if they want to attract and retain that level of leadership.

Know when you can report the fair market value | car donate to nirlaba organization or community

You won’t need evidence of the sales price if the charity keeps the vehicle or vessel and uses it in its charitable work, or if your donation is worth less than $500. Then you can report its fair market value based on listings from Kelley Blue Book and similar sources.

Unlike your investment portfolio, diversification isn't a good strategy when giving to charity. We suggest that you take the time to find a few well-run charities that match your interests and make a commitment to support those charities over time. By concentrating your giving among a few outstanding charities, your donations will do more good than if you contributed small gifts to a wide array of charities.