Volunteer with United Way
Tax Credits for Volunteering Costs
Volunteers in the United States can receive tax deductions from the federal government on many costs associated with volunteering, such as mileage and other travel expenses, paper, copying, convention attendance fees, parking, uniforms (if the volunteer purchases his or her own), etc. These deductions apply ONLY if you are NOT getting reimbursed for these expenses by the organization you are assisting, and you are itemizing on your tax form (not if you use the 1040 EZ form). Please note that the information given here is for general reference only. If you have questions about your situation, please consult a tax professional.
Time and Travel
Hours spent volunteering are not deductible. Pro bono consulting may be, if you have a bill for the time you contributed performing work that, as a professional, you are usually paid for. Talk with an accountant for more information.
Although you cannot deduct the value of your time or services, you can deduct the expenses you incur while donating your services to a qualified organization. If the expenses are for travel, which may include transportation and meals and lodging while away from home, they may be deducted only if there is no significant element of personal pleasure, recreation, or vacation in the travel. Actual costs of gas and oil can be deducted, or you can choose to take 14 cents per mile for using your own car."
Courtesy of: www.serviceleader.org |