Car donors have until midnight, December 31, to qualify for a 2008 tax deduction. But should they wait? From inside the car donation fund-raising world, Tim Finnigan, of Charity Development Fundraising Consultants, urges action, not procrastination.
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Nov 25, 2008 There’s still time to donate your car and qualify for a 2008 tax deduction, but the clock is ticking. The deadline? Midnight, December 31. At that moment, the door closes on tax deductions for the year’s car donations.
December is crush time for donors and charities alike. This month, car donors are hurrying to get their vehicles in on time to qualify for their 2008 tax deductions. And charities? “We get as many cars donated in the last seven days of the year as we take in over a normal month during the rest of the year,” says Tim Finnigan, a car donation fund-raising consultant and owner of Charity Development, LLC.
The holiday rush hits charities in a good way, as patrons send in their checks and make last-minute donations with an eye to supporting their causes and reducing their tax burdens. Vehicle donations include every kind of vehicle, from cars that don’t run to high-end sportscars, to RVs, boats, motorcycles and jet-skis. If it’s on wheels and has a motor, chances are it can be donated and it can also pull in a tax deduction.
Though the official deadline is not until the end of the year, Finnigan suggests that donors get busy on their donations as soon as possible. “If you’re thinking of donating a vehicle, it’s best to proceed on it quickly,” he says. Don’t procrastinate.
His firm, Charity Development, as well as others, prepares ahead for the end-of-the-year rush. “We’ve got tow trucks, smog techs and office staff all at peak levels for the season. We’re geared up for procrastinators,” he says. Finnigan has a 10-year track record in raising money for charities through vehicle donations, and every year, in good economies and bad, he’s seen the year-end car donation rush.
The field of fundraising through vehicle donations is highly specialized, he says, and it’s one that can be deeply confusing to donors. As part of his educational efforts, he links clients toguidelines by the Internal Revenue Service. The IRS brochures include advice on tax deductions, as well as on how to choose a car donation firm. These are set up as quick references and are helpful for anyone unfamiliar with the car donation arena.
Tim Finnigan, owner of Charity Development, LLC, is a car donation fund-raising consultant with more than 10 years of experience in the field. He works with not-for-profit organizations to help them make the most from all vehicles donated on their behalf.