Hello everybody!!

On this eve of Martin Luther King Day, many of us think of how they can celebrate one of America’s visionaries by volunteering their time and energy with various charitable organizations. Any community always has room for improvement, and your volunteer hands are always welcomed.

Guess what? Many of the expenses associated with your volunteering activities are tax deductible: they include the following:

• The cost of hosting a party or fundraiser for the organization.
• Advertising that you buy on behalf of the organization.
• Supplies you purchase to be used in volunteer work, such as stamps and stationery.
• The cost of a required uniform (and the cost of keeping it clean), and telephone expenses.
• Some local travel expenses are also deductible: such as bus, train, or taxi fares. If you use your own car, you may deduct the parking fees, tolls, and cost of your gas and oil for those miles you travel for the charity.
• Travel expenses:  If you don’t want to keep track of your actual gas and oil expenses, you can simply keep a log of the miles you travel for volunteer work and deduct the IRS rate per mile.

Here at MINSILI CPA LLC, we encourage you to be active participants in your communities. As volunteer, you impact others in many positive ways you may not know of, so we can only encourage you. The tax tips above, are the encouragements we give you to volunteer often,  and benefit from the tax advantage of your volunteering activities.  As always, we are available to prepare your tax return professionally, and find many other deductions applicable to your activities. 

Also here are the guideline from the IRS on Noncash Charitable Contributions.

https://www.irs.gov/pub/irs-pdf/p526.pdf

Thank you,

Yohan