Did you know that some parts of volunteering can be claimed as tax deductions? While your volunteer time and skills are not considered tax-deductible, you can deduct many of the expenses you incur for volunteer work, such as:
- the cost of hosting a party or fundraiser for the organization
- advertising that you buy on behalf of the organization
- supplies you purchase to be used in volunteer work, such as stamps and stationery
Some local travel expenses are also deductible, such as bus, train or taxi fares. If you use your own car, you may deduct the parking fees, tolls and cost of your gas and oil for those miles you travel for the charity, but you may not deduct the cost of insurance, maintenance, registration fees or depreciation.
If you don’t want to keep track of your actual gas and oil expenses, you can simply keep a log of the miles you travel for volunteer work and deduct the IRS rate per mile (.14 cents for travel in 2012).