TAMPA, Fla. (Dec. 19) -- Wheels of Success, the grassroots organization that helps working people gain access to reliable transportation, would like to tell all Tampa Bay taxpayers why donating a vehicle to Wheels can be more beneficial than donating to other organizations.
"All non-profits are not alike," says Susan Jacobs, founder and CEO of Wheels of Success. "Strangely enough, if you're looking for a tax deduction and you donate your car to some non-profit organizations, you may not be permitted to deduct the fair market value of the vehicle," she added. "People need to know that changes to the federal tax code have an impact on what they are permitted to deduct."
The U.S. Department of Treasury has revised the tax laws regarding the donation of automobiles and the deductions that can be claimed. That means you may be able to claim more by donating your car to Wheels of Success than to other non-profit organizations.
Here's why: Depending on the condition of your automobile, Wheels of Success may be able to offer it to a family in need of reliable transportation. As a result you would be able to claim fair market value. If another non-profit organization simply sells your car, you would only be able to claim the amount for which it was sold. Typically this amount is significantly less than the fair market value deduction. Please check with your accountant about the actual amount allowed for deduction.
After hearing about Wheels of Success, Dolores McIntosh of Brandon donated her 1996 Lexus. "I heard about Wheels of Success through Metropolitan Ministries and I think it's a terrific program," said Mrs. McIntosh, a retired school supervisor who currently works as a consultant. "This is one the few, if not the only program that I am aware of, that assists needy families to secure their own transportation in an economical way. It's very difficult for many people to get to and from work."
Wheels of Success is located in the Family Justice Center at 9309 N. Florida Ave., Suite 109, Tampa. To donate a vehicle, or make a cash contribution, please visit www.wheelsofsuccess.org; or call: 813-490-9443.
About Wheels of Success
Donated vehicles assist Wheels of Success clients who are referred by religious and social service organizations or their employer. Wheels of Success follows a "Pay it Forward" philosophy and recipients pay back a percentage of the repairs or licensing services (the vehicle itself is donated to the client) by making monthly payments based on ability to pay, as well as donating 5 service hours per month to the organization. These payments enable clients to make a difference and help Wheels of Success to keep rolling and serving others.
Wheels of Success, Inc. was incorporated in 2003 to help families obtain or continue work by providing them with reliable transportation through a program of car repairs, vehicle replacement, related licensing services, car payments, down payments and car-care classes in Hillsborough and Pinellas counties and has since expanded to Pasco County. To date, Wheels of Success has assisted 220 families and 175 of them have received vehicles.