Do You Display a "Special Interest" License Plate on Your Car? | Tax Tip of the Week | No. 107
An Overlooked Deduction
You can get a tax break when paying extra for a license plate that advocates a charitable cause. For example, in Ohio there are several license plate options that promote Lake Erie, wildlife, etc. These plates cost an additional $15 per year which goes to fund those charitable causes. That $15 is a qualified charitable deduction that can be deducted on your Schedule A Form, if you itemize your deductions.Do you display plates showing your pride in your Alma Mater or professional sports team? If you purchase, for example, Ohio State University license plates you will pay an additional $35. However, $25 of that fee goes towards the school’s scholarship fund and is tax deductible. Feeling like the Big Red Machine is coming back? Those Cincinnati Reds plates will cost you an additional $35 per year, but $25 goes to the United Way and is therefore tax deductible.Now you can go out and make Ohio beautiful by displaying our natural resources, colleges and sports teams on your license plates---and get a deduction!We love finding tax deductions like this. Give us a call to see what deductions you may have missed.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504. Or visit our website.Rick Prewitt - the guy behind TTW...until next week.