2. Volunteer Work
Unfortunately, volunteer work is not a tax-deductible expense. This holds true whether you’re volunteering your time to help a nonprofit or you’re working on a special project for a charity.
There is a bit of good news: you can actually deduct any travel expenses you incur if the volunteer work is done onsite, if you attend meetings onsite, or if you travel out of town for a meeting. The standard mileage rate for volunteer work is .14 per mile for charitable organizations.
1. Political Contributions
Believe it or not, political contributions are not tax-deductible– even though charitable contributions are.
According to an article published by MediaFeed.org, here’s the reason why: “The difference between deductible and non-deductible contributions has to do with the tax status of the organizations. ‘Political organizations, including campaigns, are organized under section 527 of the IRS tax code. Organizations that are set up for charitable, religious or educational purposes (among other ideals) are organized under section 501(c)(3) of the tax code. Contributions to those charitable organizations are deductible.”
If you are unsure what expenses are tax-deductible, don’t go it alone. Consult with a tax professional beforehand to make sure you don’t inadvertently try to claim a deduction that’s not even deductible by law.