Friday, July 23, 2010
Project Camelot LIVE AND UNLEASHED Pt9of9 WHISTLEBLOWERS SPEAK OUT
http://www.youtube.com/watch?v=O-IJ8vWlaTI&hl=en
Wednesday, July 21, 2010
Car Donation Tax Reduction
Due to unfortunate circumstances you will find that a good number of people who donate cars have been deducting a suggested retail price. This means that a dealer would get something that is below the market value when they decide to resell your trade in car.
This means that when a dealer will sell you car they will give you a certain amount of money so that you can be able to have your tax reduced.
Charities were not also making a lot of money when they were doing their car donation tax reduction. This is the reason why in the year 2005 the IRS changed the rule from what was currently happening to what will be done.
If you happen to have a vehicle that is valued more than $500, the deduction will be limited to the actual selling price of the charity.
Whoever the donor is, they must attach a statement of sale to the tax return in order to receive the deduction. Even if it is the charity, it is obligated to present the statement within thirty days.
It has been proven that no one can be able to give you your deduction amount before you have donated your car.
The main purpose of charitable car donation tax deduction is to help people know how they should go about when they decide to donate their vehicles to a charitable organization.
In the resent years many people have come to know how to go about donating their cars to the charity and they have also come to know that their donations are improving other people's lives.
It has come to a situation where it is now a fully blown business. In the United States only nearly $650 million was lowered when about quarter million people took car donation deduction on their tax return in the year 2001.
Since then many people have come to embrace the charitable car donation initiative because it is helping many poor people reduce their federal tax return every year.
To find a charity that deals or accepts car donations is very easy. What people should avoid are the Profitable organizations that pose as non profitable charity organizations which are basically out to corn people out of their money.
Learn more about car donation tax reduction at my site. Discover how to donate used cars online.
Monday, July 19, 2010
Charitable Car Donation Centers
The main purpose of charitable car donation is to help people know how they should go about when they decide to donate their vehicles to a charitable car donation organization.
In recent years, many people have come to know how to go about donating their cars to the charity and they have also come to know that their donations are improving other people's lives.
This makes an individual feel good about his/her self because of helping the needy in the society. Over $650 million has been lowered in form of tax because nearly 200,000 people in the United States took a car donation deduction on their tax return.
That was just for the year 2000, Since then many people have opted for this initiative because when they donate a car they are able to settle a part of their federal tax returns and at the same time improve lives of majority of the poor people in the community.
Any one intending to take their cars to charitable car donation centers, should avoid the profit oriented organizations whose main aim I to pervasively handle the car donations.
People who have worked with such organizations in the past confess that the organizations tend to keep almost 50% of the total car's value and there are even those that keep as much as 90% or even more.
This makes the whole idea of giving the money raised after the sale back to the charity seam like one big joke.
So if a donor can by any means find a charity that can handle the whole car transaction by themselves, then they can be able to keep the whole 100% of the profit and by doing so the money goes to help those who need it the most.
After donating the car to the charity of your choice, the charity must then prepare a written statement of what they intend to do with the donated car. If the charity decides to sell the car, then it must sell it at a price that is below market value.
The charity might as well decide to make some improvement on the donated car. This means that the car should not be sold before the said improvements are done.
The agreement about the charitable car donation should be written down with full details of the donor and the charity organization for future references.
Learn where to find charitable car donation centers online. Discover how to donate used cars and get car donation tax reduction at my site.
Tuesday, June 29, 2010
Protecting Investments From Capital Gains Tax
It is widely believed that we will find ourselves with capital gains tax increased from the current 18% to as much as 40-50%, with the gain added to income. This will have two possible impacts on the housing market.
Consider how you can achieve returns on an investment property. There is a potential income and a potential capital increase. The risks lie with the possibility of a lack of occupancy affecting the income and property prices falling.
And so the potential for gain will have to offset this potential for loss.
How can the government expect us to become excited about investing in property where the income on the property is taxed at the highest rate and the gain on sale will also be taxed at the highest rate.
The potential for gain is so diminished that investors will be discouraged from investing at all.
The concern is that this will stifle demand (why would you buy) which will then lead to a fall in markets. As we are a debt driven economy each fall in house prices directly impacts consumer confidence and in turn spending on the high street which is a large impact on GDP (the economy).
There is also the potential however that property investors realise they cannot sell their house due to the tax and so supply is greatly reduced and counterbalances the market. We will see.
Investors who normally buy shares, property and unit trusts, Oeics will be subject to the new capital gains hikes and so should look to realise some gains where they can, to crystallise them in this tax year pre budget.
After that budget the canny planning will begin. Consider however, what you can do right now.
Isas are tax free so you should maximise them and if you have a pension and are a higher rate tax payer, consider making a contribution now as higher rate tax relief will probably disappear.
In the meantime, there is a tax efficient vehicle that many investors are missing out on. That is the offshore bond. Before you think 'Cayman islands,' this is simply a normal investment bond which is held in tax beneficial regions such as the Isle of man, Ireland, Jersey and Guernsey. Norwich union or Standard Life may have a UK life office but they also have an offshore version in one of these tax constituencies.
The effect/benefit is that the investments do not pay tax as they grow and you benefit from compounding gross roll up of growth.
You can buy the same property and shares inside the bond as you can outside of it but they simply grow free of tax.
Investments are taxed as income rather than capital gains tax and so the gain at encashment is added to your income. However this is where you can potentially save.
Investment bonds allow you to assign parts of them to others who have a lower tax rate than you. For example if a segment of your investment bond was assigned to your child who was going to university and they encashed it, the gain would be added to their income for the year.
If their income tax allowance was, say £6475 (the government are talking about increasing the income tax allowance to over £10,000) and the bond was encashed with a £13000 value but the gain was less than £6475, there would be no tax to pay.
This is an excellent way to achieve tax free growth and tax free distribution, particularly if the government are signposting that income tax allowances will increase substantially.
Another option is to become non resident for a year and then encash and you will not be subjected to UK income tax.
Make sure you use a fee based independent financial adviser as the commissions (often disguised) on bonds are very high at c8%, but also a 2-3% fee to an adviser is far more efficient than a 2-3% commission on an offshore bond due to how the life office can reclaim that expense.
If you have a query on annuities, CGT offshore bonds, tax or property in tax efficient wrappers call Peter on 0845 230 9876
Author: Peter McGahan
About Peter McGahan and Worldwide Financial Planning:
Peter McGahan is the Managing Director of Worldwide Financial Planning - FT Award winning Independent Financial Advisers. Peter writes for many national and local press publications and is widely respected as an expert in personal finance.
Worldwide Financial Planning specialise in the provision of expert one-to-one advice in the areas of Mortgage, Business Finance, Investment, Pension and Retirement Planning and Inheritance Tax.
Peter McGahan is an Independent Financial Adviser and the Managing Director of Worldwide Financial Planning Ltd who are authorised and regulated by the Financial Services Authority. 'The FSA does not regulate Credit Cards, Will Writing and some forms of mortgage and Inheritance Tax Planning.' Information given is for general guidance only, and specific advice should be taken before acting on any suggestions made. The above represents the personal opinions of Peter McGahan. All information is based on our understanding of current tax practices, which are subject to change. The value of shares and investments can go down as well as up.
Wednesday, June 23, 2010
Jewish Family Service Vehicle Donation Program
http://www.youtube.com/watch?v=T-EU7dIjO5Q&hl=en
Saturday, June 12, 2010
Hanga Abbey: A Model of Hope 1 of 5
http://www.youtube.com/watch?v=CIAgMj6eHY8&hl=en
Saturday, May 8, 2010
The NASCAR Foundation
A good organization supports charity and NASCAR does just that through it's NASCAR foundation. The NASCAR foundation has a program where for a $30 donation you can join in on the NASCAR track walk. The Home Depot, one of the nation's largest retail home improvement centers, is a major sponsor of the promotions and holds charitable events with proceeds going to the Foundation. But who does the Foundation support and what kinds of events do they hold to raise funds?
One thing they do is sponsor auctions where the proceeds go to one of the foundations supported by the NASCAR foundation. For example, on September 17, 2007, they announced bidding on Jeff Gordon full-sized and autographed fiberglass auto body. The proceeds from this auction go to the Jeff Gordon Foundation which supports pediatric medical care of children with serious and life-threatening disease.
The NASCAR foundation holds the Blood and Marrow Drives at different tracks each year. The donations help out the Jimmie Johnson Foundation and the Hendrick Marrow Program. Other charities of the NASCAR Foundation are:
The Dale Earnhardt Foundation
This is a foundation run by the wife of the racing great who died in a race car crash in 2001. Dale Earnhardt was concerned about education, children, and wildlife and his commitment lives on through this foundation.
The Kyle Petty Charity Ride
Kyle Petty is the son of the King of NASCAR Richard Petty and he sponsors a motorcycle ride across the USA for the Victory Junction Gang Camp as well as other children's charities.
Victory Junction Gang Camp
This is an organization with the mission of helping to enrich the lives of children with serious illnesses by providing them a camping experience in a medically-safe environment. It was founded by Kyle Petty and his wife Pattie in June 2004. The couple also donated the land that the camp stands on today. The camp is interesting because it was built with a racing theme and all the look of a NASCAR race track. The camp takes cash donations and there are volunteer opportunities. It is also gives a quilt and a teddy bear to each child who stays there so they are always looking for donations of these two items to replenish their supply.
NASCAR Auto Donation Program
There are many ways to donate to the NASCAR foundation. One way is through the NASCAR Auto Donation program. Here, you can donate a vehicle and then any of the proceeds that the NASCAR Auto Donation program gets from the proceeds in an auction are given to charity. All donations are fully tax deductible.
The NASCAR Day Telethon
This was a telethon held on May 18, 2007 across from Lowe's Motor Speedway in Charlotte, North Carolina. The Speed Channel, NASCAR, and Sirius radio broadcasted this telethon event through the end of the Craftsman Truck Series Race.
There are many other charitable organizations supported by the NASCAR Foundation but it is obvious that NASCAR cares about contributing to the community which is probably one of the reasons why this sport is becoming increasingly popular.
Chris DiCicco is owner, senior editor and website developer for NASCARsupershop.com, a NASCAR Apparel and Memorabilia Store for every NASCAR Fan. We carry the internets largest selections of NASCAR products all in one place for your shopping convenience.
http://www.nascarsupershop.com/
http://www.nascarsupershop.com/Nascar_Shorts.html
http://www.nascarsupershop.com/Nascar_Sunglasses.html