SDM Accounting Insights: Volunteering For Charity: Do You Get a Tax Break?
Are you a volunteer who works for charity? You may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may seem like donations of something more valuable for many people — their time — would also be deductible. However, no tax deduction is allowed for the value of time you spend volunteering or the services you perform for a charitable organization. However, you potentially can deduct out-of-pocket costs associated with your volunteer work. Many rules apply, so contact us with questions.
Brought to you by SD Mayer of SD Mayer