Tracy’s Tax Tips: Deducting Charitable Contributions

It pays to give! Here’s a tax tip for those of you who give to charity.

FOX Business Network’s Tracy Byrnes has details in “Tracy’s Tax Tips”:

Victory Hugo called charity a “stepping stone toward heaven”. But it’s also a step toward a tax deduction!

I’m Tracy Byrnes with the FOX Business Network, here with Tracy’s Tax Tips.

So it’s easy to tally the big charitable gifts you made during the year, especially if you keep good records — but don’t forget the little stuff because it adds up quickly.

Remember — You can write off out-of-pocket costs incurred while doing work for a charity. For instance, ingredients for casseroles you prepare for a nonprofit organization’s soup kitchen or the stamps you buy for a school’s fund-raising mailing all count as charitable contributions.

Just keep your receipts because if your contribution totals more than $250, you’ll need an acknowledgement from the charity documenting the support you provided.  

And if you drove your car for charity in 2013, remember you can deduct 14 cents per mile, plus, of course, parking and tolls , in your philanthropic journeys.

I’m Tracy Byrnes FOX News Radio.

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