If your contributions to charity begin and end with check writing, you may be missing out on some tax deductions.

Getting There and Back

You may deduct the costs of going to and from a location where you volunteer your services. You may also deduct the costs of driving for the organization — for example, to pick up or deliver items. Either way, parking fees and tolls are also deductible.

Recoup Your Expenses

Out-of-pocket expenses you pay in giving services to a qualified organization may count as a charitable donation if you’re not reimbursed for them.

No Time to Volunteer?

Many charities accept noncash donations. Giving investments that have increased in value can be a smart tax move. Instead of selling the investment and paying capital gains tax, donate it to a qualified organization. If you held the investment for more than one year, you generally can deduct its fair market value at the time of the donation.

For more information on charitable donations or additional tax savings strategies, please call our office at (402) 932-8815.

Sincerely,

W.E. Stevens PC