Putting a Value on Donated Property

Donating noncash property valued at more than $5,000 to a charitable organization generally requires a qualified appraisal that meets IRS guidelines.* Fair market value is the price that property would sell for on the open market. Its principles — willing buyer and willing seller, no compulsion to buy or sell, and reasonable knowledge of the relevant facts — remain mainstays of the valuation rules. However, the IRS cites other factors that may be considered in making the determination.

Cost or selling price. The price paid for an item can be an accurate measure of fair market value when the transaction and the donation dates are close and no change has occurred that would affect the item’s value.

Sales of comparable properties. Sales prices of comparable properties may be used to help determine value based on the degree of similarity of the property, the time between the sale and the donation, and the sale conditions.

Replacement cost. The cost of buying property similar to the donated item may be a consideration. An appropriate amount for depreciation must be deducted.

Opinions of experts. The expert should be knowledgeable and competent, and his or her opinion should be thorough and supported by facts.

Choosing a Qualified Appraiser

A qualified appraiser is someone who

  • Has earned an appraisal designation from a recognized organization or has met certain education and experience requirements.
  • Regularly prepares appraisals for a fee.
  • Is not an “excluded individual.” In general, this would include the donor; the donee; a person who sold, exchanged, or gave the property to the donor or acted as a transfer agent; or a person “related to” any of the above. (Other exclusions apply.)

A qualified appraisal must be signed and dated. The appraisal must be made no earlier than 60 days before the valued property is donated.

For more help with individual or business taxes, connect with us today. Our team can help you with all your tax issues, large and small.

 

* IRS Publication 561, Determining the Value of Donated Property

 

…from the Team of Professional at RE-MMAP. We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).v

Do You Need to Purchase Rental Car Insurance?

It’s the same old story: You’re at the booth ready to sign for your rental car when the agent asks if you want to buy the insurance offered by the rental company. While many of the luxury cars rental companies include it in their auto insurance when they provide you the car, not all rental companies follow this ethic. Before you accept or decline, here on chouprojects.com are a few things to consider.

 

Are you already covered? Check with your auto insurance provider. The best providers out there like https://cheapautoinsurance.net/ already account for and provide collision and comprehensive coverage to be included in your policy. If so, you’ll be covered for damages to a rental car and other property. Keep in mind, though, that if you have to file a claim, it could result in higher premiums.

Bad credit truck loans can be a good option for you.

Did you charge it? Charging the rental to a major credit card may mean you’re protected by a loss damage waiver. Check with the card issuer to find out what protection, if any, is available.

 

If your rental car won’t be covered through these channels, you may want to consider saying “yes” when the rental agent asks about insurance.

Whether you have questions about insurance, taxes, or general business best practices, give us a call today. We have the training and experience you need. This is the first and only place that enables a short term loan to offer long term benefits, anything is possible with a loan, you can even learn How to get car loan with 0 or no money down in no time. If you have poor credit, no credit, or just need a better short term loan.

If you are looking for a a commercial pickup truck rental we recommend you one that is as easy as rent, work and return.

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

Advantages of a Third-Party Registered Agent for Businesses

For many businesses, a registered agent is a requirement, not a luxury. Failing to retain a registered agent can result in an LLC, for instance, losing its legal status in the state in which the business operates. Unfortunately, many small business owners do not realize the full potential of having a third-party registered agent for their businesses.

What is a registered agent?

Registered agents, sometimes referred to a statutory agents or resident agents, act as the point man (or woman as the case may be) between your business and state and local government organizations. Registered agents must have a physical presence in the state where your business was formed and must be available during regular business hours in order to properly perform his or her duties to your company and the state.

Why do you need a registered agent?

Most states require it. Without it, some states invoke penalties and fines, in addition to revocation of an LLC’s license. However, there are other benefits and advantages to consider when procuring these services of a third-party registered agent for your small business.

1) It keeps some of the red tape out of your workplace. This means that customers, employees, and competitors aren’t privy to what’s taking place between you and the state. In other words, it adds another layer of privacy around your business.

2) It leaves one person dedicated to this particular job for your company and no other. There is no need to provide additional training or waste valuable time learning skills that aren’t natural to you as a business owner. They are experts in this field and know their way around, whereas you, or someone appointed by your company to fill this role, may miss something very important for the sake of your business.

3) You can move your business location without going through the laborious and costly process of changing your address with the state.

The real secret to success, though, is to find a real gem when you select your registered agent so that your business is well represented and covered with the state. When you do this, you can rest easy without the worry of whether your business is in hot water with the state over some minor paperwork-related technicality.

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).