Tax Deductions and Credits Breast Cancer Awareness Month: Donations and Tax Deductions Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Elle Martinez Published Oct 12, 2022 2 min read Reviewed by Katharina Reekmans, Enrolled Agent October is Breast Cancer Awareness month. Breast cancer is the most common cancer among women in America, so getting involved in the effort to fight breast cancer can have a tremendous impact. You can help the community by teaching others about services and treatments available, supporting those currently in treatment, and raising money for more research. While making donations to the community is a reward in and of itself, it can also benefit your taxes. If you volunteer, give cash or non-cash items to a 501(c)(3) organization, your donation may be a tax-deductible charitable contribution. Typically if you make a charitable donation to a qualified charity, you can deduct the contribution if you are able to itemize your deductions. Usually if you take the standard deduction you would not be able to deduct charitable donations; however, the CARES Act, allowed for charitable deduction on your 2020 taxes for cash donations made up to $300. Starting in tax year 2021, this amount is up to $600 per tax return for those filing married filing jointly and $300 for other filing statuses. If you are one of the close to 90% of taxpayers that now claims the standard deduction under tax reform you can take a charitable tax deduction even if you don’t itemize your deductions. Your Donations Make a Difference While huge progress has been made with prevention and treatment, there is still more to do. A few popular choices for donations include the American Cancer Society and Susan G. Komen. There are, of course, many other worthy charities, and if you want to double-check if the organizations are recognized by the IRS as tax-exempt charitable organizations, the IRS has this handy tool you can use. You should also know that if you purchase merchandise or services during fundraising activities, you can also deduct the amount that exceeds the value of goods or services you received. If you donated goods like clothes, you can deduct their fair market value. Volunteering Your Time Of course, you can give meaningfully without having to donate money. Volunteering can be a huge help for organizations and cancer patients. If part of your volunteer work involves travel, remember to keep good records! You may be able to deduct your mileage at 14 cents per mile if you travel to volunteer for qualified charitable organizations. Other travel expenses you’ll want to keep track of include lodging while you’re out of town and meals. TurboTax Live Tax Experts Are Here for You. Don’t worry about knowing tax laws. You can come to TurboTax and fully hand your taxes over to a TurboTax Live tax expert available in English and Spanish and get your taxes done from start to finish. All from the comfort of your home. Previous Post 5 Tax Breaks for Teachers on World Teachers’ Day Next Post What is a Tax Write-Off? (Tax Deductions Explained) Written by Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. More from Elle Martinez Visit the website of Elle Martinez. Follow Elle Martinez on Facebook. Follow Elle Martinez on Twitter. One response to “Breast Cancer Awareness Month: Donations and Tax Deductions” Wow! I never knew that I could deduct my travel expenses when I volunteer. This is one deduction I’ve been seriously missing out on because I’ve done tons of volunteer work. Reply Leave a Reply Cancel reply Browse Related Articles Tax Deductions and Credits Is This Deductible? Your Charitable Donations and Breas… Deductions and Credits Virtual Wedding? Deduct Your Wedding Dress on Your Taxe… Tax Tips Donate Your Wedding Dress for a Tax Deduction Tax Deductions and Credits Charitable Giving and Your Taxes Taxes 101 Charity Tax Deductions (What Counts as a Contribution?) Tax Deductions and Credits How to Track Your Charitable Contributions Tax Deductions and Credits It’s National American Red Cross Founder’s … Tax Deductions and Credits Are Political Contributions or Donations Tax Deductible… Tax Reform I’m Donating to Charity This Winter, Will I Still Get… Tax Deductions and Credits Is My ALS Ice Bucket Challenge Donation Tax Deductible?