April 22nd, 2016
TAX TIP OF THE DAY... donate your car?
Generally not a good idea. If you donate a car worth $2k, the charity will sell it in a hurry for as little as $1k. Your tax savings would only be an average $250.
Better... sell the car for $2k and split it with your favorite charity. You get the same $250 tax break, the charity gets their same $1k... BUT YOU GET AN EXTRA $1K in your pocket.
SHARE WITH A FRIEND.
If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA