Tax Deductions You Might Be Getting Wrong
- By
Julia Austin
Source: fotostorm / Getty
The hidden costs of charity work
It’s important to know that a new rule allows you to deduct charitable cash donations of up to $300. Because so many non-profits rely on donations more than ever during the COVID-19 pandemic, the IRS created this new incentive. But even if you couldn’t afford to donate money, if you donated your time, you may find deductions. Remember that you may spend money to volunteer, like on parking, or on supplies (paper plates, cups, etc.). Speak to your CPA about any costs you took on in order to volunteer your time as you may be able to write those off.
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