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LEARNING TAX DEDUCTION BASICS
Additional Information
When we talk about car donation tax deductions or any other form of write-off, we typically think of income tax – and more specifically, federal income taxes. But there are many, many types of taxes.
Some of the taxes we are required to pay under various circumstances include:
processing tax, assessment tax, tolls, excise, custom, levy, impost, duty, revenue tax, tariffs, tribute, dues, capital gains, capitation, tithe, towage, salvage, wharfage, brokerage, freightage, poll tax, income tax, sales tax, property tax, excise tax, inheritance tax, cigarette tax, meals tax, gift tax, state and local taxes, Social Security taxes, and Medicare taxes.
When we think of easy tax deductions our minds often go to such ideas as a clothing or home goods contribution to Goodwill or Salvation Army. If you cleaned out a cupboard or closet recently, you may have taken a box or two to a charity and taken home a receipt. It’s not as much money as you write off with a car donation tax deduction – but it’s something.
NEED SOME MORE INFORMATION?
Consult the IRS regulations website for specifics – they guide you through steps in the tax deduction process. There are specifics about the value of your clothing and household donations – they each have a dollar value that you’re allowed to claim on your tax forms.