Getting rid of that car gathering dust in your garage might be a great idea, especially if you donate it to a charity or a charitable cause. You don’t need to be sentimental to do because some benefits come with such a decision. Admittedly, there are many ways you can decide to deal with your used and unwanted car but what if you can hand it away and also benefit in return? Tax deductions get so many people motivated to get rid of their old automobiles, but there are much more benefits that businesses can get if they choose to follow this route of dispensing their cars.
Businesses that give away cars in a relatively good-quality stand to benefit the most regarding tax deductions. A car with mileage that’s less than 150,000 miles and only requires minor repairs such as replacement of some key parts are the most sought after, and you should take advantage of this to help your business. You can calculate the vehicle’s actual value minus the cost of repairs so that you can get a better valuation of it to get a better deal when donating it to charity.
Giving back to society: great tax benefits should not be the only motivation for donating your unwanted car to charity. By doing this, business gets a chance to be part of their communities by helping charities to serve those in need of care. Having a good relationship with the community where your business is situated is always a great thing. You will also get excited to know that your old car has made a difference in other people’s lives, and that should be embraced and pursued by a business that wants to generate goodwill.
Lift people out of poverty: lacking a vehicle is the reason why some people are stuck in poor jobs and remained poor in the process. That is why donating a car to a family that desperately needs it might help them to get better transportation and thus look for a better-paying job. Your business has a real chance to make a meaningful difference so don’t let this opportunity pass by as you watch.