Tax Deductions Archives - SafeLink

How Do Tax Deductions Work When Donating a Car?

How Do Tax Deductions Work

Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. The Internal Revenue Service (IRS) requires you to calculate your tax deduction in one of two ways, depending on how the charity uses your donation. However, doing a little planning will ensure that you maximize … Read more

What Is the IRS Form 8283?

What Is the IRS Form 8283

Federal tax law allows you to claim a deduction for the value of all property you donate to a qualified charity during the year provided you itemize your deductions. Generally, any nonprofit organization that promotes religious, literary, educational, scientific, humanitarian or other charitable causes will qualify. However, if the combined value of all property you … Read more