All aboard for charitable deductions
Q. I’ve been invited to join a nonprofit board. Can I deduct my costs? A.K., Memphis, Tenn.
A. Yes. You’re entitled to claim a charitable deduction for your out-of-pocket expenses for serving on the board (assuming the organization qualifies as a tax-exempt charity). Typically, this might include the cost of travel, meals and lodging; special uniforms; and supplies such as stamps and stationery. However, you can’t deduct the value of the services you perform as a board member. In addition, no deduction is allowed for amounts reimbursed by the charity.
Tip: The deduction is subject to all the usual limits for charitable expenses (e.g., deductions for certain high-income taxpayers may be reduced).
Tax break stuck in neutral
Q. My accountant says you can’t usebecause of luxury car rules. Is this true? R.L., Alimuchy, N.J.
A. Not exactly. Although Section 179 technically can be u...(register to read more)
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