Thursday, March 31, 2011

Can you deduct your time as a volunteer on your federal tax return?

You can't claim the value of your wages for hours spent helping out at your favorite nonprofit. Nor can you deduct the value of a project you created, such as a poster you designed for the charity. But you CAN deduct other costs associated with charity work. This includes mileage in connection with the group's work (claim on Schedule A at the rate of 14 cents/mile). Read more ...

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