Intro: Since 1985, Breast Cancer Awareness Month has been observed each October, on this 2-minute episode we will go over Tax Deductions from your Donations.
You can donate money, items or time. If you donate items from home like furniture, clothes, or even a car to a recognized charity, their fair market value is tax deductible. And if you buy services or products at any charitable fundraising events, the amount of money you pay over their true market value can also be deducted.
Donating Your Time
Finally, The greatest gift you can give someone is your time. And this is especially true for charities and breast cancer patients. If you have to travel for volunteer work with a qualified charity, be sure to to track your mileage because you may be able to deduct 14 cents per mile. And if you travel out of town, your lodging and meals may also be tax deductible.