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Write off costs when doing good deeds for charity

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in Small Business Tax,Small Business Tax Deduction Strategies

Although you can’t deduct the value of the services you provide on behalf of a charity, you can still claim tax write-offs relating to your activities.

Strategy: Keep track of out-of-pocket expenditures. When tax return time rolls around, you can generally deduct those costs that benefit the charity and don’t benefit you.

Here’s a rundown of several common examples.

√ Personal vehicles: If you use your own vehicle for charitable driving, you may deduct costs such as gas, oil and repairs that are attributable to those trips. In lieu of keeping track of all your actual expenses, you might choose to use a flat rate of 14 cents per mile for 2013, plus any charity-related parking fees and tolls.

√ Travel expenses: Similarly, air, rail, bus or taxicab fare incurred on behalf of charity is deductible. In addition, you can deduct the cost of meals and lodging on a charitable trip. The usual 50% deduction limit on meals does not appl...(register to read more)

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