2007-04-29 10:27:26 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You can not write off time that you contribute to non-profit organizations. If you have out of pocket expenses related to that time spent doing some function for the non-profit you can deduct those expenses. You may be able to write off mileage to and from your time working at a non-profit.
2007-04-29 10:46:49 · answer #1 · answered by ? 6 · 1⤊ 0⤋
That would be a nice pert, but the way the IRS sees it - if your time to the non-profit had monetary value they'd tax it.
You can deduct mileage to volunteer activities, but it's a good idea to keep a log and have someone from the non-profit sign your log.
Same if you give gifts in kind now - donating stuff - you have to have detail of what you gave and value. Have someone sign off on your itemization.
If you are in high school or college, you can sometimes receive credit for community involvement.
2007-04-29 18:10:54 · answer #2 · answered by dianes98 4 · 1⤊ 0⤋
Not all nonprofits qualify for tax deductions. The nonprofit has to be a charity, so check that contributions are tax-deductible.
Only donations of money or goods to the charity may be deducted on Schedule A for taxpayers who itemize. Donations of time and personal service are never deductible. Mileage in connection with work for a charity is deductible generally at 14 cents per mile.
2007-04-29 18:20:35 · answer #3 · answered by ninasgramma 7 · 2⤊ 0⤋
No, you can never write off the value of your time as a charitable contribution. You can write off out-of-pocket expenses associated with your volunteering, including mileage but at a much lower rate than business miles.
2007-04-29 18:25:26 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
No. Per IRS rules, your time has no value.
2007-04-29 19:58:02 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋