FOR BREAKING NEWS VISIT WWW.QNS.COM FEBRUARY 8, 2018 • THE QUEENS COURIER 21
Step Forward to Receive Deductions for Good Deeds
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41-18 CRESCENT ST
LONG ISLAND CITY, NY 11101
718-707-0295
47-46 VERNON BLVD
SECOND FLOOR
LONG ISLAND CITY, NY 11101
718-707-0295
Hernan Barona, E.A
hernan@savignano-cpa.com
www.savignano-cpa.com
ObtainMyRefund.com
BY JOHN SAVIGNANO, CPA
You can’t deduct the cost of the
time and effort you spend on behalf
of charity. But that doesn’t mean your
good deeds will go for tax naught.
Strategy: Track your out-ofpocket
costs. Even though you can’t
deduct the value of your endeavors,
you can write off actual expenses
associated with charitable activities.
Furthermore, you don’t have to be
a board member or one of the charity’s
biggest donators. This tax break
is available to regular volunteers and
others who help out sporadically.
What sort of expenses are we
talking about? Here’s a partial list.
• Transportation: If you use your
car for charity, deduct the related
costs attributable to gas and oil,
repairs, insurance, etc. Alternative:
You might opt for the flat-rate deduction
of 14 cents per mile (plus related
parking fees and tolls). Similarly, you
can deduct plane, train or bus costs
for traveling to charitable events.
• Telephone charges: You may
deduct the full cost of long-distance
telephone calls, faxes and cell phone
charges made on behalf of a charity.
If you install a landline in your home
that you use solely for charitable purposes,
the entire cost is deductible.
• Home Entertainment: If you
host a fundraiser or board meeting,
you can deduct the entire cost
of the catering expenses as a charitable
deduction. Note: The 50% limit
on entertainment and meal expenses
doesn’t apply here.
• Fundraising Dinners: Normally,
you can deduct the portion of the cost
that exceeds the fair market value of
a fundraising dinner. For example,
let’s say you and your spouse attend
a dinner that costs $100 a head, you
can deduct $130 ($200 cost -$70
value). Note: For amounts exceeding
$75, obtain written documentation
from charitable organization.
• Uniforms: A deduction is
allowed for the cost of uniforms used
while performing charitable services
as long as the clothing isn’t suitable
for everyday wear. Classic example:
You can write off the cost of Boy
Scout or Girl Scout uniforms.
• Foreign exchange students: If
you host a foreign exchange student
in your home, you can deduct up
to $50 per month for each month a
child attends high school. To qualify,
the student must live in your home
under a written agreement with a
qualified charity. Also, the exchange
student can’t be a relative.
• Charitable conventions: You
may be able to deduct the cost of
attending a convention on behalf of a
charity-such as meals and lodging-if
you’re an official delegate to the convention.
But the convention must be
the primary purpose of the trip. The
deductible amount includes meals
and lodging while you attend the
convention. Caveat: The costs of any
side trips to tourist attractions isn’t
deductible.
• Tip: Individually, these deductions
may be small, but collectively
they add up. Keep the records you’ll
need at tax return time.
John Savignano is a partner with
Savignano Accountants & Advisors
located at 47-46 Vernon Blvd., Second
Floor, in Long Island City. If you have
any questions or require additional
information, please call John at 718-
707-0955.
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