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05/31/2011 11:18:45 AM · #1 |
My tax guy has pretty much decreed that my "time shooting" at a pro-bono photo shoot cannot be used to assist me when it comes to taxes.
He says since there is no physical product that I am providing, I am out of luck.
But isn't this just a matter of providing a some proof that my services were worth money ? |
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05/31/2011 12:45:53 PM · #2 |
| It's true -- the general rule is that time spent volunteering services is not deductible, for virtually any activity. If you provide the organization with prints or a disc with images, you could deduct that at whatever rate you'd charge a paying customer (assuming they are a 501(c)3 tax-exempt non-profit). |
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05/31/2011 01:05:21 PM · #3 |
Agree... It's never been allowed as a deduction... apart from the cost of the good used for the donation.
Think about it... otherwise we would not pay tax... I did 1hr volunteering at my super special $300,000 per hrs.... give me a 100K deduction (give or take depending on a lot of stuff) so the rest of my income is tax free.... Thanks for coming :-)
Originally posted by GeneralE:
It's true -- the general rule is that time spent volunteering services is not deductible, for virtually any activity. If you provide the organization with prints or a disc with images, you could deduct that at whatever rate you'd charge a paying customer (assuming they are a 501(c)3 tax-exempt non-profit). |
Don't know that I or the IRS agrees with that either.... It's the cost of the goods not the service "value"....
Message edited by author 2011-05-31 13:06:33. |
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05/31/2011 01:21:29 PM · #4 |
Originally posted by tate:
... no physical product that I am providing... |
I make a pretty good living at providing no physical product. :-)
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05/31/2011 01:24:13 PM · #5 |
Originally posted by Strikeslip:
Originally posted by tate:
... no physical product that I am providing... |
I make a pretty good living at providing no physical product. :-) |
You must work for the government. ;-)
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05/31/2011 02:56:07 PM · #6 |
| A painter can only deduct the price of his paints and canvas if he donates a painting. If another person buys the painting and then donates the painting, he can deduct the sales price as a donation. It is illegal to make an arrangement where a patron of a cause will buy a good or service from an artist with the understanding that the fee will go to the cause, then donate the purchased item and the fee to the cause. If it just happens to work out that way, it is just fine, but you can't plan to do it that way. |
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