It is quite common for people to consider charitable giving when it is something small such as rounding up their purchase when grabbing lunch through a local drive-thru. However, when it comes to more substantial donations such as donating their vehicle to a Veteran's charity, the option is often never even considered. This is often because individuals feel as though they are not in a financial position to give such a substantial gift. This is unfortunate because the truth is choosing to donate your car to charity can actually benefit you in both moral and financial ways. Continue reading to learn more about how you can benefit from donating your car to a Veteran's charity.

Benefit Emotionally By Giving Back To Those That Have Served

While many servicemen and women feel as though it is their duty to protect the country in which they live, their decision to answer this call of duty is what allows each and every citizen the ability to enjoy the freedom and safety that this country offers. Consequently, it is not hard to understand why it feels so good to give back to these same Veterans by donating a car you no longer use. For many people, this emotional benefit is reason enough to make a donation. 

Benefit Financially Through A Tax Deduction

While the positive emotions you get when donating may be a tempting reason for many people to make a charitable donation, the fact is that some people cannot simply afford to give away something as substantial as a car without any type of financial incentive. The problem is that many people do not realize that the tax deduction which is offered when donating a car to charity can actually help them financially in a rather substantial way. 

When you donate a car to charity you will be given a tax-deduction form that gives you the ability to deduct the fair market value of your vehicle when filing your next tax return. While this may not seem important at first, this deduction can actually result in you getting more money for a used vehicle than you would have received by trading this vehicle in at a local dealership. This is because charitable tax deductions lower the amount of your income that you are required to pay taxes on. This means that you will spend less of your hard-earned money on taxes. In fact, you may even find that you are eligible for a tax refund as a result of your lower tax liability.  

For more information, contact a local car donation for Veterans charity. 

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