Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity.
1. You can’t deduct the value of your services that you give to charity. But you may be able to deduct some out-of-pocket costs you pay to give your services. This can include the cost of travel. All out-of pocket costs must be: • unreimbursed, • directly connected with the services, • expenses you had only because of the services you gave, and • not personal, living or family expenses.
2. Your volunteer work must be for a qualified charity. Most groups other than churches and governments must apply to the IRS to become qualified. Ask the group about its IRS status before you donate. You can also use the Select Check tool on IRS.gov to check the group’s status.
3. Some types of travel do not qualify for a tax deduction. For example, you can’t deduct your costs if a significant part of the trip involves recreation or a vacation. For more on these rules see Publication 526, Charitable Contributions.
4. You can deduct your travel expenses if your work is real and substantial throughout the trip. You can’t deduct expenses if you only have nominal duties or do not have any duties for significant parts of the trip.
5. Deductible travel expenses may include: • air, rail and bus transportation, • car expenses, • lodging costs, • the cost of meals, and • taxi or other transportation costs between the airport or station and your hotel.
For more see Publication 526, Charitable Contributions. You can get it on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
This series is brought to you by the Southwest Area Stakeholder Liaison Team covering Arizona, New Mexico & Texas. It is designed for you to share with anyone who will find the information useful. We are interested to hear if you think this information is helpful. Please provide your feedback or topic request to us at email@example.com and include “Workshop Wednesday” in the subject line.
Date: Thursday, September 29 Time: 4:00 PM - 7:00 PM Location: Westin La Paloma Resort & Spa, Tucson
Get $5k-$20 in Free Marketing: Make 2016 Your Year for Success!
Use In Business Magazine as a tool to reach your customers for 2016. Through Print, Online, Social Media, Email & Events, you can realize an additional $5k to $20k in free advertising with In Business Magazine over 2016.
What’s trending for 2016? Small Business! This year, resolve to support our local economy by “Thinking Small” at least one time each week! Need help finding a small biz? Visit ThinkSmallBizAZ.com! #ThinkSmallBiz
Allowing you to concentrate on what’s really important.
We understand the insurance needs of locally-owned businesses because we’re one, too. As an ASBA member backed by CNA, we’re dedicated to helping small businesses like yours safeguard all you've worked so hard to build.
Date: Every 2nd Tuesday of the Month Time: 3:30 PM - 5:00 PM Location: Phoenix or Tucson
You're important to us and we want to help protect you
and your family through the use of insurance products. As a valued association member, you have the opportunity to purchase an insurance policy with lower premiums and/or enhanced benefits not available to the general public. Click here to learn more.
CopperPoint Insurance is Arizona's premiere provider of workers compensation insurance. We've been providing coverage and advocating for Arizona businesses, small and large, throughout the state since 1925.