October is Breast Cancer Awareness month. And because it’s the most common cancer among women in America, getting involved in the effort to fight breast cancer can have a tremendous impact and becoming more informed about breast cancer is easier than ever. You can help others learn about services and treatments available, support those currently in treatment, and raise money for more research.
If you are thinking about giving, today is a good day to begin. While doing good in the community is its own reward, you have some added bonuses when it comes to taxes. Qualified donations and expenses may get you some tax deductions if you can itemize your tax deductions.
Your Donations Make a Difference
While huge progress has been made with prevention and treatment, there is still more to do. Some popular choices for donations include the American Cancer Society and Susan G. Komen. There are, of course, many other worthy charities, so if you want to double check if the organizations are recognized 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. Don’t worry about knowing what you can deduct and the correct value. TurboTax ItsDeductible accurately tracks and values your donations and transfers them to your TurboTax tax return.
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, 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 want to keep tabs on include lodging when you’re out of town and meals.
Speaking of driving, you may be able to donate your vehicle and get a tax deduction! However you give, just know that its appreciated and makes a difference. Don’t forget that TurboTax ItsDeductible can accurately track and value your tax-deductible donations including mileage.
I hope these tips assist you to do more good and get some tax deductions when filing your taxes! I’d love to hear from you about your plans – what projects have you taken on to help others?