It's tax time again and April 15th is almost here. As you review your expenses and deductions don't forget to think about your volunteer work. If you foster a dog your foster expenses could tax-deductible. How about those nonprofit rescue groups you helped during the year? Did you know that nonprofit volunteers can deduct certain volunteer expenses on their tax returns? Before you file your taxes read this [...]
Here's what the IRS will allow volunteers at nonprofits to deduct from their taxable income: Source
Car and transportation expenses. Volunteers can deduct car and transportation expenses incurred to get back and forth from home to your office, or to meetings or other sites
Travel expenses. The volunteer can deduct travel expenses, such as airfare and other transport, accommodations, and meals, when performing services away from home.
Other out-of-pocket expenses. Volunteers may deduct other expenses they incur during the course of their volunteer work.
Uniforms. If you ask volunteers to purchase a uniform -- for example, an apron identifying them as a hospital helper -- they can deduct both the purchase price and any upkeep costs. However, the uniform must not be suitable for everyday use (providing a T-shirt with a logo or asking your theatre ushers to always wear black won't be enough). Also, your organization must require the volunteers to wear the uniforms while performing services.
Pet Fostering & Rescues Expenses: Source
If your rescue and fostering work furthers the mission of the 501(c)(3) group that you are working with, your unreimbursed expenses are a tax-deductible donation to that charity.
Keep in mind that only donations of money and property can be deducted. If you donate your time as a volunteer, you cannot deduct the value of your time from your taxes.
Read IRS Publication 526,Charitable Contributions (at www.irs.gov, click on publications).