Volunteering is a tax deduction

Patrick

Patrick

Overthinking Everything Always
Staff member
Just wanted everyone to make sure they are logging their miles to-from volunteer sessions.
Also if you have dedicated equipment that you purchased, and replaceable items like saw blades, gloves, bug spray, gasoline, chain oil.

You can't deduct your time, but we all would like a few $$ back

--From Gemini

Yes, you can deduct unreimbursed, out-of-pocket expenses related to your volunteer work for a registered 501(c)(3) organization. You can deduct either your actual out-of-pocket gas and oil expenses, or use the standard IRS charitable mileage rate of $0.14 per mile.

You can also deduct related parking fees and tolls.Keep in mind that while you cannot deduct the value of your actual time or service, you can write off these transportation costs along with other direct expenses like required uniforms. To claim these deductions, you must itemize your deductions on your federal income tax return rather than taking the standard deduction.

oh, and I was wondering

if I break a derailleur while doing volunteer trail maintenance at wildcat, can I deduct the cost of a new one?

No, you cannot deduct the cost of replacing your broken derailleur as a charitable contribution. This is an expected outcome of riding Wildcat.
I added that last part.
 
Last edited:
Patrick said:
Just wanted everyone to make sure they are logging their miles to-from volunteer sessions.
Also if you have dedicated equipment that you purchased, and replaceable items like saw blades, gloves, bug spray, gasoline, chain oil.

You can't deduct your time, but we all would like a few $$ back

--From Gemini

Yes, you can deduct unreimbursed, out-of-pocket expenses related to your volunteer work for a registered 501(c)(3) organization. You can deduct either your actual out-of-pocket gas and oil expenses, or use the standard IRS charitable mileage rate of $0.14 per mile.

You can also deduct related parking fees and tolls.Keep in mind that while you cannot deduct the value of your actual time or service, you can write off these transportation costs along with other direct expenses like required uniforms. To claim these deductions, you must itemize your deductions on your federal income tax return rather than taking the standard deduction.

oh, and I was wondering

if I break a derailleur while doing volunteer trail maintenance at wildcat, can I deduct the cost of a new one?

No, you cannot deduct the cost of replacing your broken derailleur as a charitable contribution. this is an expected outcome of riding Wildcat.
I added that last part.
Click to expand...
Did you know that 91% of the population takes the standard deduction?
 
Well damn, forgot that.
Every few years we get punished enough to itemize.

auto interest is above the line now tho.
 
Cassinonorth said:
Speaking of tax loopholes, who's been using TrueMed and the like to get bike related HSA purchases?
Click to expand...
That’s a terrible idea though. HSA is one of the ultimate deals. Keep the untaxed money in your HSA, invest it in VTI or something similar, and make untaxed gains until time to cash out. Wasting that tax advantage on bike related purchases will cost you money for YEARS.

Max out your HSA every year, and never touch it until you absolutely need to.
 
The Worst said:
That’s a terrible idea though. HSA is one of the ultimate deals. Keep the untaxed money in your HSA, invest it in VTI or something similar, and make untaxed gains until time to cash out. Wasting that tax advantage on bike related purchases will cost you money for YEARS.

Max out your HSA every year, and never touch it until you absolutely need to.
Click to expand...

Orrrr I could get a new bike.
 
You must log in or register to reply here.
Back
Top Bottom