If you’re like most people, you enjoy making donations to charities. It is one way we can serve our communities and give something back. Donating not only helps a worthy cause, but it may also offer certain tax benefits. In general, taxpayers are familiar with the tax deductibility of monetary and physical asset contributions, but did you know you may also be able to deduct your travel expenses associated with charitable giving? The IRS recently provided a tax tip outlining the laws related to travel while giving to charity. A list of some possible deductions include:
- Air, rail and bus transportation
- Car expenses
- Lodging costs
- Cost of meals
- Taxi service
There are certain limitations and restrictions associated with these deductions. Check out the IRS’ recent publication for more details.
Kelly A. O’Leary, CPA, CGMA, MBA, CITP, CIA, CFE
Vice President, Finance and Administration
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