Smith & Gesteland Quick Tip

Volunteers: Don't Pass up the Opportunity to Deduct Out-of-Pocket Expenses

If you do volunteer work for a charitable organization and haven't kept track of your out-of-pocket expenses, you're passing up an excellent opportunity to lower your tax bill, reports the Wisconsin Institute of CPAs. Whether you have volunteered your time all year or are planning to do so over the holidays, the costs associated with your volunteer work may add up to a tax deduction.

To qualify, your unreimbursed out-of-pocket expenditures must relate directly to the charity.