Give To Charity; Slash Your Tax Payment

By Investopedia. May 7th 2016

The charity tax deduction is a heart-warming way to keep your pockets full, if you itemize deductions. However, there are some restrictions that apply and some rules you should know. 

  • Logging Miles
    When you volunteer for a qualified charitable organization, you can deduct gas and oil costs for travel time. You can either figure out the exact amount you paid to go to and from volunteering, or you can deduct the template amount of 14 cents per mile.

    Qualified charity organizations include most non-profits, but you can see the full list of categories in the Internal Revenue Service Publication 526.

Read the rest of the list here at Investopedia.com.

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