Southeast Fairfax Development Corp. loses director
Lara Fritts, executive director and one of just two employees of the Southeast Fairfax Development Corp., is leaving at the end of the year after 3.5 years with the organization, which fosters economic development in Fairfax County. <p><a href="http://feeds.feedburner.com/~a/bizj_washington?a=9eEFcW"><img src="http://feeds.feedburner.com/~a/bizj_washington?i=9eEFcW" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=Hr5MO"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=Hr5MO" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=BfXXo"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=BfXXo" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=pue7o"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=pue7o" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=W5eyO"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=W5eyO" border="0"></img></a> </div>
Twin towers in Rosslyn score new tenants
Monday Properties added three new tenants and expanded an existing anchor tenant in its twin tower property at 1100 Wilson Blvd. in Arlington. <p><a href="http://feeds.feedburner.com/~a/bizj_washington?a=Gd9bWq"><img src="http://feeds.feedburner.com/~a/bizj_washington?i=Gd9bWq" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=cTIBO"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=cTIBO" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=fKCyo"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=fKCyo" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=XS4jo"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=XS4jo" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=2JNYO"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=2JNYO" border="0"></img></a> </div>
Freddie Mac plans to stay on NYSE
A day after Fannie Mae told the New York Stock Exchange that it intends to meet the continued listing standard, Freddie Mac did the same. (FRE) <p><a href="http://feeds.feedburner.com/~a/bizj_washington?a=UxFL06"><img src="http://feeds.feedburner.com/~a/bizj_washington?i=UxFL06" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=UkC0O"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=UkC0O" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=6LATo"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=6LATo" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=qpnqo"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=qpnqo" border="0"></img></a> <a href="http://feeds.feedburner.com/~f/bizj_washington?a=ictWO"><img src="http://feeds.feedburner.com/~f/bizj_washington?i=ictWO" border="0"></img></a> </div>


fraught with abuse, however, with people claiming inflated donation values of $654 million in one year alone. Therefore, the law changed in 2005, and the IRS now places some limitations on the way donation deductions are claimed.

The basic rule is that IRS places a cap on vehicle donation deductions of $500. If your donation is worth more than that, then you will be required to meet a few criteria before you can claim your deduction. First, you need to know how the charity is using your car. If they take if from you and sell it, then the price they sell it for is the amount you can claim as a deduction, even if it is less than the value of the car. If the charity sells your car for more than it is worth, you can only claim a deduction up to the fair market value of the vehicle.

There are a few exceptions. If the charity decides to give the car away to a needy person, or if they sell the car to a needy person for far below the fair market value, then in most cases you can claim the actual worth of your car as your deduction. Also, under the "Intervening Use Exception," if the charity uses your car for awhile before selling it, and then sells it for below the fair market value, you can claim the value of your car at the time of the donation as your deduction, since their use of the car lowered the value.

However, if the charity makes improvements to the car, increasing its value, and later sells it for more than it was worth when you donated it, you can still only claim the fair market value of the vehicle at the time of donation. Whichever circumstance applies to you, the charity should notify you in writing within 30 days of receipt of the car of their intentions for the car and the donation value. If they sell the car, they must notify you within 30 days in writing of the sale price.

Of course, deductions are not subtracted directly from your tax bill, but rather allow you to reduce your tax bill by a percentage. Exactly how much a deduction will take off your tax bill depends on your income, your tax bracket and how you file.

Article Source: http://articlecrazy.com

Robert G. Knechtel operates several websites, including TaxChronicle.Com - Understanding Federal and State Taxes and CreditCardSanity.Com - How to Use Credit Cards Sanely.

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