Tax Tip: Deductions for Volunteers
Published at
iStockphoto/Thinkstock(NEW YORK) — If you volunteer for a charity, you can deduct from your taxes expenses for things like commuting to and from the charity.
“What I’m recommending now regarding volunteer expenses is for people to jot them down almost like an invoice and just submit to the person at the non-profit to sign-off on,” tax preparer Janice Hayman tells her clients.
What should you get back?
“Maybe they can provide an acknowledgment letter acknowledging that you spent this money on your own you don’t expect a reimbursement,” Hayman says.
In case of an Internal Revenue Service audit, Hayman adds that this letter should be proof that you did spend the money while volunteering.
If you drive from your home to the charity, what’s allowed?
“You can deduct 14 cents per mile for going to the charitable organization,” says Bob Meighan with TurboTax.
That deduction must be for a 501-3C registered non-profit.
Copyright 2013 ABC News Radio