Giving back to your community this holiday season may come with an added benefit: tax deductions. If you itemize and volunteer for a qualified charitable organization, you may be eligible to deduct certain out-of-pocket expenses. Although your time and services don’t qualify, you may be able to write off transportation costs, including mileage at 14 cents per mile. Other potentially deductible expenses include supplies purchased for charitable activities, required uniforms, and certain costs associated with fundraising events. Keep detailed records and receipts to substantiate your deductions. Contact us to learn more about the tax benefits of volunteering.
