Beacon Trust Company Acquires Clear Asset Management
The Beacon Trust Company has acquired Clear Asset Management through a tax-free stock transaction. (PRWeb Dec 3, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1698294.htm
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Budget Travel Magazine Names ResortQuest.com among *Best Sites to Search* for Vacation Rentals
Best-of-Web Distinction Coincides with ResortQuest Partner Program's One-Year Anniversary. (PRWeb Dec 3, 2008)
Read the full story at http://www.prweb.com/releases/vacation-rentals/partner-program/prweb1682154.htm
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This also includes boats and planes plus some all terrain vehicles.
• The percentage you can claim. Since you are only able to claim up to 50% of your current gross yearly income you are limited if you are donating a vehicle such as a plane that can be worth thousands or tens of thousands of dollars.
• For contributions between $250 and $500 there is less information required to deduct the donation. The acknowledgement form from the charity will have to contain the following.
o Name of the charity
o Vehicle Description
o Plus one of the following
- A statement saying you never received any goods or services for your donation. Or…
- A statement provided from the charity with a description and fair market value of goods or services they may have provided to you. Or…
- If goods or services were provided in the form of non-tangible services (ex: :religious advice) this must be stated.
• For donation amounts that exceed $500 you will need to gather additional information before trying to deduct the donation amount. When you receive the written acknowledgement from the charity it must contain additional information.
o Your name and Tax Identification Number
o The vehicle identification number must be present.
o The date of the vehicle donation must be included
o One of the following must also be included with the date of the donation
- A statement saying you never received any goods or services for your donation. Or…
- A statement provided from the charity with a description and fair market value of goods or services they may have provided to you. Or…
- If goods or services were provided in the form of non-tangible this must be stated.
-The charity itself must have tax exempt status with the Federal Government. Most education and religious organizations are tax exempt. The IRS maintains a particle list of those organizations that have tax exempt status. Go to the IRS website and search for Publication 78, Cumulative List of Organizations. This will be your best place to start for determining which charities you can donate to and receive a tax write off.
The charity itself must have tax exempt status with the Federal Government. Most education and religious organizations are tax exempt. The IRS maintains a particle list of those organizations that have tax exempt status. Go to the IRS website and search for Publication 78, Cumulative List of Organizations. This will be your best place to start for determining which charities you can donate to and receive a tax write off.
By following the guidelines provided by the IRS and the charity you choose to donate to you can help out those organizations in need plus you are able to help yourself out with a tax deductible donation. Just remember to follow the rules and both parties involved will win.
Article Source: http://www.article-matrix.com
Cars to Charity is a free guide to learn how to donate a car to charity. For more informative articles and resources visit the car donation articles.
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