Tax Tip: How Volunteering Can Lower Your Tax Bill -

While volunteering can be rewarding for both you and those you help, you shouldn’t expect to receive much more than gratitude in return when it comes time to file your taxes. There are “not big benefits from a tax standpoint,” said Tom Wheelwright, the CEO and founder of the CPA firm ProVision. “Your time is not deductible,” he said, and here’s why: “You don’t have to pick up any income for it.” However, you may be able to write off some taxable expenses. “With your volunteering there are some other things that you can take advantage of, depending on the nature of it,” said Kathy Pickering, executive director of The Tax Institute at H&R Block. For instance, you can deduct the costs associated with your travel, especially if you’re using your car. “Say, for example, you’re volunteering for Meals on Wheels, where you’re required to travel as a part of your volunteer services. You’re able to deduct that mileage,” Pickering said. And, she adds, volunteering is always good for the soul.

One thought on “Tax Tip: How Volunteering Can Lower Your Tax Bill -”

  1. Isn’t this a nice method to welcome newcomers to Rolla, the Middle of Everywhere Hiba Ali your cash is also deposited within hours into your bank account, so you can pay your bills quickly.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>