Category Archives: ARTICLES & ADVICE

How Tax Deductions Work When Donating Car?

 

Donate car tax credit

Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. However, doing a little planning will ensure that you maximize the tax savings of your donation.


How To Donate A Car In California Based Charitable Agency (Read Details)


The Internal Revenue Service (IRS) requires you to calculate your deduction in one of two ways, depending on how the charity uses your donation. Deductions for cars the charity sells are limited to the sales price. In all other cases, you can use the car’s fair market value.

Step 1: Find out how much the charity sold the car for

Use the price the charity obtains for your car in a sale as the amount of your deduction. For example, if the charity sells the car at auction for $3,000, your deduction is limited to $3,000, even if the fair market value is $4,500. However, if the charity sells the car at a significant discount to a needy individual or keeps the car for its own internal use, then you can claim a deduction for its fair market value.


 

 

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Step 2: Determine the car’s fair market value

The IRS suggests that you use a reputable used-car price guide to calculate your deduction when using fair market value. For example, go to your local library and obtain a recent copy of the Kelley Blue Book. Search the private party prices for your vehicle based on its make, model and overall condition. This type of search can be done on the Internet as well.

Donate car tax credit

Step 3: Claiming the deduction

Report the amount of your deduction on line 17 of Schedule A. Since you can only claim a deduction for your car donation if you itemize, the total of all your eligible expenses on Schedule A must exceed the standard deduction amount for your filing status.

If you use TurboTax to prepare your taxes, we’ll help you determine which filing status will get you the biggest tax savings.

Step 4: Additional forms you’ll need

Complete Form 8283 if your car donation deduction is more than $500. If your deduction is between $501 and $5,000, you must complete Section A. If your deduction is greater than $5,000, you must complete Section B. If you complete Section B, you must also obtain a written appraisal as documentation.

Again, if you use TurboTax, we’ll ask simple questions and fill in all the right forms for you.

Tips

  • If the charity sells your car sells for $500 or less, you can deduct $500 or your car’s fair market value, whichever is less. For example, if your car is valued at $650 but sells for $350, you can deduct $500.
  • Most charities will report the sales price of your car to you on Form 1098-C.

 

Warnings

You must have documentation of your donation. At a minimum, the documentation you receive from the charity must include your name, the vehicle identification number, the date of your donation and a statement describing the goods and services you received, if any.

Donate car tax credit

Ten (10) Small Business Ideas for Women

Ten (10) Small Business Ideas for Women

Ten (10) Small Business Ideas for Women

Ten (10) Small Business Ideas for Women

Are you looking to earn some extra money on the side or to potentially start your own business?

Here is a good tips on ten (10) Small Business Ideas for Women.

Today I want to highlight some of the best small business ideas for women to motivate you to take that first step!

That’s not to say that men can’t pursue these ideas as well, but for today we’re honoring all the female entrepreneurs.

This list contains the businesses that I’ve seen women do exceptionally well with. As an added little bonus I’ve included some amazing women you can learn from no matter which business best suits you!

(And remember these are women just like you and me. They’re not celebrities, they’re not part of a get rich quick scheme. If they can build up amazing businesses you can, too!)

Amazon FBA

Amazon FBA is a program that allows you to send the stuff you want to sell on Amazon directly to an Amazon warehouse. When one of your items is sold Amazon will pick, pack, ship, and deal with customer service for you (for a fee, of course.)

This is an amazing program for anyone who is wanting to sell online without spending countless hours dealing with shipping.

I tried Amazon FBA earlier this year and have now got my Dad’s store set up with it. If you can find products on clearance or through wholesale contracts you can make some serious cash!

Just like any other type of successful money making endeavor you have to treat this like a business! (Which I wasn’t prepared for.) Learn from some who is extremely successful instead.

A woman killing it with Amazon FBA – Jessica Larrew.

Freelance Writing

Freelance writing is how I got my start in the online income earning world. Freelancing is the best way to make money FAST. (Here’s a complete guide on getting freelance blogging jobs.)

But as with every money making opportunity goes – your own mileage may vary!

Learn from someone who is now making good money from freelance writing and blogging services.

A woman killing it with Freelance Writing – Holly Johnson

Blogging

Making money through blogging is seriously like the best thing ever. It’s a wonderful feeling to get paid for your words and ideas.

To be honest, I recently just reignited my blogging spark after taking Elite Blog Academy (the best course EVER!! More on that later this month.) And since then my traffic has doubled and my blogging income is on a steady rise too.

As of February 2016 I’m now making a full time income from this blog (at this time it hovers between $7,000 – $10,000 per month.)


READ ALSO: Make Love With Your Wife 16 Times a Week, Relationship Consultant Advises


Software Development

Think software development is just for men? Think again!

If you have a great idea for a piece of software or even an App you can bring that idea together by hiring a developer to do the work for you. Some of the most creative ideas come from women. (And I just love the one featured below!)

A woman killing it with Software Development – Laura Roeder.

Online Courses

I mentioned earlier what a HUGE impact Ruth Soukup’s Elite Blog Academy has had on my blog in just one month. (And I’m not exaggerating – at all.)

Ruth has seriously created the best online course for blogging or writing that I have ever taken. And I’ve taken a lot of courses! (Remember that expensive $600 writing course I took a while back? It doesn’t even TOUCH Ruth’s course and was more than twice the money!)

If you have something to teach get that idea out to the world. Create a membership site and start an online course. Learn as you go!

A woman killing it with Online Courses – Ruth Soukup.

Selling on Etsy

Here's a list of ten small business ideas for women as well as links to female entrepreneurs who are CRUSHING it in their respective business niche.

I

don’t have a single crafty bone in my body but if you do Etsy is the place to be!

Etsy is simply a selling platform (like Amazon or eBay) that features only handmade products. The items sold on Etsy are very broad and can range from digital downloads, handmade home décor, and even clothes.

If you’re a creator and want to get paid for it you need to give Etsy a try!

A woman killing it with Etsy – Wendy Kaehr

Affiliate Marketing/Niche Sites

Niche sites are simply websites that are focused on a particular topic and are monetized, usually through affiliate sales. (When you make an affiliate sale you earn a commission from the company you’re promoting.)

I’ve tried my hand at affiliate marketing with niche sites a couple times and miserably failed! That’s not to say it isn’t an awesome business idea. It is! And it’s also fun.

While my niche sites didn’t work out (read about that here) I still had so much fun building them and it was an amazing learning experience.

A woman killing it with affiliate marketing – Jill Stanton

Website Management

Website management is a very diverse business and is actually something that I’ve ventured into rather than only freelance writing.

When it comes to website management you can do everything from sell ads, edit and schedule content, hire writers, promote on social media and more.

Since this is such a diverse area I wanted to highlight two women who are successful website managers but make their money in very different ways.

Women killing it with website management – Alexis Grant.

MLM/Independent Sales Rep

Looking for a small business idea? Here's a list of ten ideas as well as links to female entrepreneurs who are CRUSHING it in their respective business niche.

Does the phrase MLM (multi-level marketing) put a bad taste in your mouth? When done in a sleazy way it definitely can. But what if you’re completely in love with the product you’re selling and confident that it helps other people?

Well, in that case you make a lot of money promoting a product you truly love.

There are many companies who hire independent sales rep – Avon, Scentsy, Beach Body, and a whole lot more. Some of these companies require you to host parties and make commissions directly off of your sales. Other companies will influence you to get people to sign up as coaches underneath you and you’ll receive a percentage of their sales. In short that’s how MLM works.

Want to learn more?

A woman killing it with MLM – Kelli Gimenez

Pet Sitting

I’m a total dog lover. (Sorry, cats.) If you are too you can start a pet sitting business.

To be honest I never really understood how a pet sitting business could be profitable until following Crystal’s journey. And let me tell you, she is doing pretty awesome with the pet sitting business!

Wanna learn more?

A woman killing it with pet sitting – Crystal Stemberger.

Wish it. Dream it. DO IT.

All the women I’ve featured here are every day women just like you and me. They’re not celebrities and they weren’t handed their success on a platter. They worked for it.

If you’re an aspiring entrepreneur I want to encourage you to pick your business idea and take that first step today. Then take another step tomorrow, and another step the next day. All those small steps will add up and you’ll eventually get to where you need to be!

Ten (10) Small Business Ideas for Women

Feel free to share your own business ideology and also ask questions!

CLICK the button below to share!!! 

How to Apply for Schools Abroad

How to Apply for Schools Abroad (Read Details)

How to Apply for Schools Abroad

How to Apply for Schools Abroad

The application process for university admission differs from country to country and there is no perfect formula for obtaining admission to your desired university. However, there are some general rules that you should follow and tips that can help you gain admission.

1. Choose your program

Decide on where you want to study abroad and in which level and area of study you’re interested and have the academic background to qualify. Consider your career prospects and then decide on a specialization. Choose a program that is aligned with your goals and try to choose a university that is highly ranked, has a great reputation for your desired subject, or meets other criteria that are important to you.

2. Read the requirements and deadlines carefully

The first step for applying to a school abroad is checking the requirements. If the information on the website is confusing to you or is insufficient, request more information from the schools. If you are unsure if your nationality is accepted for student visas in the country, you can also try visiting official government websites and study councils. It is important to pay attention to the deadlines to make sure that you don’t miss the admission or entrance exam deadlines.


READ ALSO: Seven (7) Things You Should Know Before Dating Someone In Law School


3. Write a motivation letter

Applying for certain fields of study or schools requires a motivation letter. The motivation letter or cover letter should show your ability to perform well at the institution, and should include an evaluation of your skills, as well as your accomplishments. So express your interest in studying at the university in a clean and structured motivation letter, and remember to use clear English when writing the letter.


How to Apply for Schools Abroad


4. Ask for a recommendation letter

University or program admission sometimes require one or several recommendation  letters from a teacher. Don’t be shy to ask for the recommendation letter from your teachers that you had a good relationship with. Remember that recommendation letters take time for instructors to write and they may be asked for letters from multiple students. Ask them as early as possible to ensure that they have the time to write a detailed and compelling recommendation.

5. Get prepared for the IELTS or TOEFL test

If your first language is not English and you’d like to study abroad, you will probably need to take an English language test. When planning your study abroad timeline and booking your test, take the preparation time for the IELTS test into account. Depending on your English language proficiency and your ability to use the English language, as well as the score that the university requires, you’ll need time to study and get prepared for the test.

Additionally, don’t forget to book the test at least one month in advance because each test centre offers tests a maximum of four times a month depending on local demand. If you apply late, it might be full.

6. Translate and authenticate your documents

If you’re applying to study a program taught in English abroad, you will need to translate your documents (including your diploma and grades) to English. Be aware that the translations should be authenticated by a competent authority. If you aren’t sure what authorities are accepted by your prospective university, check their website or inquire about it with an admissions official.

7. Use the online application platforms

Nowadays more schools tend to use an online application platform to make it easier for students to apply for the programs. Sending the documents electronically instead of by post is preferred by most schools and students as it is faster and usually less expensive or free.

8. Register for the entrance exam

Some countries like India and certain schools, such as medical schools, have entrance exams that test your knowledge of natural science and skills relating to subjects like language or mathematics. Check the date and place of the exam as the test usually takes place one or two months before the school’s opening day. You’ll need to register for the test in advance and if required, make a plan for your travel abroad. Also make sure that you know what to expect on test day. If possible, prepare by taking a look at a sample test.

9. Be confident for the interview

The last stage of the application process might be an admission interview. Some schools like the University of Oxford and certain elite programs conduct interviews to find which candidates are more qualified to get into the school. The interview usually starts with why you want to study in this school or program, your background and plans for the future. Practice for the interview, be confident and don’t let the formal setting stress you out. Remain calm and don’t speak too quickly or slowly.

10. Schedule your visa appointment

To be eligible for a student visa, your school and program should be accredited by the government of the country they are located. In most cases, after you receive a letter of acceptance and get admitted at the school, it’s time to apply for the student visa. Depending on the country’s regulations and number of applicants, applying for the student visa can be a long and complicated process. Therefore, it’s better to apply for your student visa and schedule your appointment or interview as soon as possible. The documents you’ll need for the student visa application are usually a bank statement,  the application form, the receipt of payment for your application and university tuition fee, your passport, medical and background information.

11. Plan for the costs

You’ll need to consider that applying to schools abroad will have costs relating to the school’s entrance exam, translating documents, booking the English language test, tuition fees, and visa application fees. Don’t let this discourage you as many student study internationally on a budget, but do make a plan for your likely costs so that you can budget appropriately.

NOTE: This article was originally published by educations.com

CLICK to read the Original article HERE