Fox Business - The Power to Prosper
Search Site

The Salvation Army

Cash in on Uncommon Charitable Tax Deductions

If you think your tax deduction for charitable contributions ends when you write a check to your church or drop off that box of clothing at the Salvation Army , think again. You may be cheating yourself.The Internal Revenue Service allows several different ways to take tax advantage of your good will.Driving Home DeductionsVolunteer work itself does not produce a tax deduction. However, your travel expenses getting to and from the volunteer location are deductible. If you use your car to help out once you get there -- for example, delivering food to the needy for your church --??that counts, too.You can take a standard deduction of 14 cents per mile on your tax return. Or, if it's more advantageous and you kept track, you can deduct the actual cost of your gas for your philanthropic driving. With either choice, you also can include any parking fees or tolls paid.Out-of-Pocket ExpensesIf you pay for some of a qualified organization's expenses and aren't reimbursed, these costs can count...

Read More

  1. Cheap Rides to the Polls and Help for Sandy's Victims

    Welcome to OnSale at FOXBusiness, where we look at cool deals and insane bargains.Zipcar wants to help you get out the vote with a discounted ride. This tiny tool wi...

  2. Will Supreme Court Ban You from Reselling Your Things?

    Pawn shop owner Les Gold on a law that would force people to get permission to resell anything they own that was made outside the U.S.

  3. Shopper's Market: Safe Ways to Dump Your Old Electronics

    Environmentally-friendly ways to get rid of unwanted gadgets.

  4. Teens Raise Money to Fight Hunger

    Mindy Mizell tells you how can you help hungry kids.

  5. Take That: Best Tax Breaks to Grab Now

    Until the current tax system is completely reformed, we Americans have the right to life, liberty, the pursuit of happiness and our cherished tax deductions.It's not...

  6. Why is Romney Waiting Until April to Release Tax Returns?

    FNC Digital Politics Editor Chris Stirewalt on the growing issue over Mitt Romney’s tax returns and Newt Gingrich gaining momentum leading up to the South Carolina Primary.

  7. Tax Valuation Guide for Donated Goods

    As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It's your job, not the charity's, to report the va...

  8. 5 ways your home can slash your tax bill before year-end

    Before 2011 comes to a close, are there any last-minute financial moves you can make to reduce your federal income taxes?For homeowners and renters alike, the answer...

  9. Donations Staying Closer to Home This Holiday Season

    When he retired two years ago, David Moskowitz promised himself he'd donate about 10% of his fixed income annually to charity. The 63-year-old from Niles, Illinois, ...

  10. Maximize Your Tax Refund

    Tips on how to get the most out of your return

  11. An App for Smart Buys and Black Friday Deals

    Welcome to OnSale at FOXBusiness, where we look at cool deals and insane bargains.This new app tells you when to buy to get the best deal. Get a new phone from AT&T ...

  12. Six Cheap and Easy Ways to Donate to Charity

    Cheap, Easy Ways to Give BackIt's that time of year when doing good is en vogue. Salvation Army bell-ringers greet shoppers. Volunteers line up to serve food to the ...

  1. How to Avoid an IRS Audit

    Getting audited is every taxpayer's nightmare, but rest assured: your chances of being singled out for an audit are slim.According to the IRS, approximately 1% of th...

  2. Judge Allows Salvation Army Suit Against BNY Mellon To Proceed

    A New York judge has rejected Bank of New York Mellon's motion to dismiss a lawsuit filed against it by a unit of the Salvation Army over allegedly unsuitable invest...

  3. Gov. Christie on Sandy Relief Efforts 10 Weeks Later

    New Jersey Governor Chris Christie on his efforts to get aid for victims of Superstorm Sandy.

  4. Taking Away Charitable Deduction: Nonprofit Disaster?

    Ambassador Earl Mack, former New York State Council on the Arts chairman, on the charitable tax deduction potentially being taken away, and the fallout for nonprofit organizations if this occurs.

  5. Varney: I am Outraged Over “Happy Holidays”

    FBN’s Stuart Varney sounds off on the political correctness of the holiday season.

  6. Investing in Chanukah

    J. Greenstein & Co. Founder Jonathan Greenstein on the collectability and investment value of Judaica.

  7. Hamptons Homeowners Rush to Sell Before Potential Capital Gains Tax Hikes

    Democratic Strategist Julie Roginsky and FBN’s Dennis Kneale on homeowners in the Hamptons rush to sell their homes.

‹ Prev123Next ›
Freebase CC-BY
Source: The Salvation Army on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL