January 2005
The Internal Revenue Service is expecting more than half of US taxpayers
to file their 2004 taxes electronically. Electronic filing gets
refunds in half the time of mail in filing. OPFS encourages you
to to have your money rather than giving the IRS an interest-free
loan.
December 2004
Donations may be worth less in 2005. Under the existing
law, a taxpayer is allowed to deduct the fair market value of the
vehicle donated. That has made vehicle donations attractive because
the fair market value is usually higher than the value one gets
in trade at a car dealership. However starting in 2005 the law may
change so that the taxpayer can only deduct what the charity actually
gets for the vehicle.
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