The bottom line with it is, you can’t deduct the value of your donated time.
Image courtesy of user Maialisa on Pixabay.com Iowa allows taxpayers to take an extra itemized deduction for charitable mileage. Here’s how it works. Background On federal tax returns, taxpayers who itemize deductions can take a deduction for mileage driven for charitable purposes. The deduction is equal to 14 cents per mile. (Note: this amount [...]
Question from a client: One of the charities I donate to told me that I don't need a receipt unless I donate $250 in one year...is this true...even if I get audited? Answer: Yes.
This comes up every tax season and seems to be something people don't understand. On Schedule A, for itemized deductions, there's no such thing as a "$500 standard deduction for non-cash charitable contributions."