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As the calendar winds down for 2010, it’s time for you toconsider any donations you want to make that can affect your 2010taxes. Taxable donations are very important, because they canchange what your final tax payment – or rebate – is, come April 15,2011.

Some of the traditional ways to claim a tax rebate include adirect payment to a non profit organization or donating items youalready own to a non profit.

One larger tax deduction you can claim is from car donations – especially if you’reinterested in upgrading your ride. Contact beforeDec. 31, and you can claim fair market value for the vehicle you’redonating (up to $500) as a car donation taxdeduction.

When you contact America’s Car Donation Center, you get tochoose a charity or non-profit organization (like United Way, USOand Boy Scouts of America – to name a few) from a list of more than500 charities. Then a licensed, bonded and insured towing agencywill pick up your vehicle from your driveway, hand you the receiptdated for the day you called, and the car is out of your hands.

If is able to sell your vehicle for more than the$500 maximum fair market value, an IRS Form 1098-C with thatgreater sale amount will be mailed to you for your car donation taxdeduction. And if the car sells after the April 15 tax filing date,you can file an amended 1098-C form later to receive the fulldeduction.

When you donate a car, notonly can you receive tax benefits, but you also are able to benefita charity that you like to support. The charity will receive themoney from your car’s sale, and be able to put it to use infurthering its charitable mission.

In order to claim your car donation on your 2010 taxes, you mustcontact, and name the charity you want to supportprior to Jan. 1, 2011.

Courtesy of ARAcontent