How Giving = Deductions

How Giving = Deductions

There are millions of charities all over the world looking for help from people just like you. People who have heard the call to action, and respond it the way they can afford to. Be that through volunteering or donation, giving back helps us all adopt a kinder mindset, and a more united community.

Giving back can also benefit you in financial ways, as well.

Bonus: How to Write Off Networking Expenses

Charitable Actions

When it comes to taxes, you are rewarded pretty heavily for your charitable actions from the year before. Every dollar that you donate becomes a deduction on your taxes. As long as you are donating to a registered charity, your tax bill can be drastically reduced based on your tax bracket.

If you also encounter expenses that are directly related to using your car to provide volunteer services, those can be deducted from your tax bill as well. Expenses like parking, toll roads and gas apply to this deduction.

Volunteering Time

There are also other ways to receive by giving back. If you are volunteering your time to work with an organization, you can also deduct babysitting fees from your taxes. By donating time to volunteer at a registered charity, the IRS allows those who meet the requirements to deduct the childcare costs they enquire when they volunteer on their taxes.

Bonus: How Being Charitable Can Be A Benefit to Your Business

Want to see if you’re available to receive these deductions on your tax bill? Give Hacker Accounting a call at (602) 375-5251.

Chris Hacker
Chris has been working in the bookkeeping and accounting field for over 15 years preparing business, income and payroll taxes. Chris has a bachelor’s degree from Arizona State and is an Enrolled Agent with the Internal Revenue Service.