As the holiday season approaches, you may be thinking about volunteering for a charity. Volunteering can provide tax-saving opportunities if it’s for an IRS-approved tax-exempt organization and you itemize. You can’t deduct the cost of your time, but mileage costs (at a flat rate of 14 cents per mile) and other transportation expenses while volunteering generally are eligible federal tax deductions. You may also be able to deduct unreimbursed expenses from attending a convention on a charity’s behalf or hosting a fundraiser in your home. Inexpensive supplies and required uniforms typically qualify as well. Be sure to keep good records of volunteer expenses. They’ll be handy at tax time!
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