[Hidden-tech] Re: pro bono work

[Edbride-PR]

The only way you can claim a deduction is if you had booked the income as a 
receivable (taxable income), and few solopreneurs do that sort of 
accounting. It's a wash, no tax benefit, except for out-of-pocket costs 
incurred, mileage, telephone, etc.

In fact, if you were an artist and donated a painting, you could not deduct 
the anticipated selling price of the painting, either. You could only claim 
the cost of the materials as a deduction (paint, paper, frame, if 
appropriate).

I have asked my accountant about this every year, hoping she will somehow 
change her mind (or that the law has changed). Neither has occurred.

Ed

----- Original Message ----- 
From: "Chris Hoogendyk" <hoogendyk at bio.umass.edu>
To: "Hidden Tech Discussion List" <hidden-discuss at lists.hidden-tech.net>
Sent: Wednesday, December 03, 2008 1:04 PM
Subject: Re: [Hidden-tech] Re: pro bono work


>
> hmm. Someone might want to comment on tax issues. If you made out an 
> invoice and had them sign off on it as a contribution, it would serve the 
> dual purposes of making them aware of the cost to you and the cost savings 
> to them as well as giving you a document for tax purposes as an itemized 
> contribution. Would this then apply only if it were a charitable 
> organization? I have no clue. I'm just putting this out there for someone 
> who does have a clue to comment on.
>