2006-07-02 06:16:00 · 7 answers · asked by tasha978 1 in Business & Finance ➔ Taxes ➔ United States
You can't deduct the value of your time, however, you can deduct any costs you incur in performing charitable work. For example, you can claim auto mileage (although the rate per mile for charitable purposes is less than for business purposes).
2006-07-02 08:14:23 · answer #1 · answered by taxmannyc 3 · 4⤊ 1⤋
If you like to volunteer, and don't like being broke, why not consider working for a nonprofit company - they hire and pay people to work for them just like for profit business. You can do a search to find an organization that does work in the area that you most value, and see if they are hiring.
2006-07-02 23:25:19 · answer #2 · answered by Piggiepants 7 · 0⤊ 0⤋
taxmannyc is right, only actual expenses are deductible, not the value of your time. Besides mileage, other things that you might have are supplies or travel/training expenses needed for your volunteer position. Keep receipts and documentation of how the expenses are necessary for your volunteer work.
2006-07-03 00:22:39 · answer #3 · answered by dogma4 3 · 0⤊ 0⤋
no... sorry.. volunteer time is just that you do not get anything from it.. it is from your heart and soul.
if your broke. then get a job. watch kids, i made $7000, for summer last year.. and it was all a write off.. on taxes. ..
you can work a million hours and still it is from the heart not a tax credit.. sorry.
2006-07-02 13:21:18 · answer #4 · answered by sillyatheart3 3 · 0⤊ 0⤋
Sorry, no. The word "volunteer" is used-- because it's "free work" your reward is knowing you are helping others.
You can always email the IRS, the experts.
2006-07-02 13:24:44 · answer #5 · answered by Live, Love and Laugh 2 · 0⤊ 0⤋
If you got a receipt for your work, you could probably use it as a charitable donation. Just remember, you can either itemize or take the standard deduction--go for whichever deduction is larger!
2006-07-02 13:20:06 · answer #6 · answered by grinningleaf 4 · 0⤊ 0⤋
No.
2006-07-02 23:31:06 · answer #7 · answered by rockEsquirrel 5 · 0⤊ 0⤋