Potential donors are often reminded that they are eligible for a tax deduction once they give money to charity. Those who give of their time may also be eligible for a deduction. December 5 is International Volunteer Day. Created by the United Nations, this event recognizes volunteers for their contributions to society. Volunteering with a favorite charity this time of year can make members of your audience feel great, but there may also be a good feeling for their wallets if they take advantage of the tax breaks that can come with good work.
Experts from the Pennsylvania Institute of Certified Public Accountants (PICPA) advise volunteers to consider the following questions:
- Will your gift count if the organization is not tax-exempt?
- Can you deduct your time and expertise?
- Are travel expenses eligible for a deduction?
- What else can you deduct (phone, uniforms, advertising, fundraisers)?
A local CPA can give you the details on how your good works can turn into tax talk. To set up an interview with a PICPA member, please contact Kathleen Miller at 215-972-6188 or firstname.lastname@example.org.