March 2, 2007, Newsletter Issue #46: Choose an IRS-approved charitable organization.

Tip of the Week

There are specific Internal Revenue Service regulations on donating cars. The IRS has approved many different types of organizations that accept charitable car donations and then use the proceeds from the sale of the vehicles for charitable purposes and provide the donor with a tax deduction. Remember: choose only IRS-approved car donation charities if you want to take a deduction, and deduct only up to fair market value for the car.

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