Hello. Once upon a time I was a website and database developer and have changed careers. I now work in healthcare.
I am doing a research project that requires my skills as a database developer and I am doing it for FREE. Is there anyway I could write off the hours I spend on this project to save money on taxes?
It is non-profit medical research carried out at state facilities.
Thank you
2006-12-14 03:07:11 · 4 answers · asked by Ryan Pediatrics 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
Normally you can not take a deduction for the time that you spend. You can take any out of pocket expenses, such as soft ware you may have given to the charity to make the website work the paper that you used to print instructions for the charity. You can also take 18 cents a mile for any mileage you may have driven to accomplish this task. Some folks play around with paying their child to help do the work and taking that as a deduction but that is getting dangerous.
2006-12-14 03:43:30 · answer #1 · answered by ? 6 · 1⤊ 0⤋
No. You can only deduct your out-of-pocket expenses as a charitable deduction. Also, you should note that the mileage rate for charitable purposes is lower than the mileage rate for business purposes.
2006-12-14 12:00:13 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋
No. By IRS rules your time is not worth anything.
2006-12-14 11:27:16 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋
no.....you are volunteering
2006-12-14 13:13:19 · answer #4 · answered by karen h 3 · 1⤊ 0⤋