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Tips on charitable tax deductions for volunteers

Tax season is here. Read these quick tips on charitable deductions for your volunteer efforts. 

1)First and foremost, to deduct charitable contributions, you must file Form 1040 and itemize deductions on Schedule A.

 

2)Charitable Mileage Rate: If the organization you volunteer with does not reimburse you for mileage, you can deduct your mileage at a rate of $0.14 per mile. There is a national campaign to increase the Charitable Mileage Rate, for more information on the campaign click here.

 

3)Things you might not normally consider deducting might include the cost of dry cleaning a volunteer uniform, equipment or supplies that you were not reimbursed for by the charitable organization you volunteer with. Check out Publication 526, Charitable Contributions, which outlines what can and cannot be deducted for charitable purposes. 

 

4)Contribute a portion of any tax savings you realize from the charitable deductions by donating them to the organizations you volunteer with. It is win-win for you and your charities of choice.

 

5) Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution. Keep a folder of these documents for easy access during tax season and create a special folder in your e-mail for receipts e-mailed from online contributions. If needed, you can always request copies of documentation from the charitable organizations.

 
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