Since 1985, Breast Cancer Awareness Month has been observed each October. And no doubt every year since then at this time, you’ve seen the official image of breast cancer awareness, a pink ribbon, and the color pink in general all over thousands of retail products and worn by professional athletes, most notably NFL players, coaches, and cheerleaders. But there’s much more to awareness than simply wearing pink.
Breast cancer is the most common cancer afflicting women in America, making it extremely important to have this annual campaign to increase awareness of the risks of breast cancer, the importance of regular screening and early detection, and the most up-to-date treatment options for the women and men who are diagnosed with breast cancer. More than 266,000 people in the U.S. are estimated to be diagnosed with breast cancer this year, and nearly 41,000 are expected to die from this terrible disease.
If you want to get involved to help with breast cancer awareness, charity is its own reward. But there are also extra positives when it comes to your taxes. If you itemize your tax deductions, then qualified donations and expenses may be eligible to be deducted on your taxes.
Donating Your Money and Items
Each year, science makes gigantic leaps in the advancements of prevention and treatment, but we still have a long way to go to eradicate this disease. Organizations like the American Cancer Society and Susan G. Komen are very popular options for monetary donations, among many others. To make sure you’re giving money that is tax deductible to a recognized tax-exempt charity, be sure to use the IRS’ Tax Exempt Organization Search.
If you donate items from home like furniture, clothes, or even a car to a recognized charity, their fair market value is tax deductible. And if you buy services or products at any charitable fundraising events, the amount of money you pay over their true market value can also be deducted. An easy and efficient way to keep track of your donations is with the Liberty Tax® free tax organizer.
Donating Your Time
The greatest gift you can give someone is your time. And this is especially true for charities and breast cancer patients. If you have to travel for volunteer work with a qualified charity, be sure to use an accurate and free mileage calculator and mileage log because you may be able to deduct 14 cents per mile. And if you travel out of town, your lodging and meals may also be tax deductible.
Whether it’s for Breast Cancer Awareness Month or some other worthy cause, we hope you’re able to give your time, money, or both to help those who really need it. And who knows — you may even get some tax deductions as a bonus.
For more helpful tax information, contact Liberty Tax® directly at 1-877-at-Liberty, or visit a conveniently located Liberty Tax® office near you. For real-time updates, follow Liberty Tax® on Facebook and Twitter.