VO-BB - 20 YEARS OLD!

HeatherMasters

I am donating some work and it occurs to me that there may be some proper way to keep track for accounting purposes. This is definitely my weak area, so I'd appreciate hearing how you all go about it, and if it's even necessary at all.

Thanks!
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Heather

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Bruce · Posted: Wed Nov 16, 2016 10:24 am Post subject:

I'm sorry to say your labor is not deductible. You can donate it all you want, but it's value is meaningless to the IRS.

You can only take credit for tangible objects that have a provable value.

B
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ConnieTerwilliger · Posted: Wed Nov 16, 2016 10:33 am Post subject:

I just did a job for a non-profit and billed them the entire amount - then donated back half the money in a separate transaction.
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Bob Bergen · CM Joined: 22 Apr 2008 Posts: 980

Often I donate vo for silent auction charities, where the value is tax deductible. But I have an entertainment accountant who handles the dirty work with my returns. But I believe Bruce is correct, not sure if/how one could write off pro bono work.

todd ellis · Posted: Wed Nov 16, 2016 1:15 pm Post subject:

if it's a cause i care about - i just do it for the karma.
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HeatherMasters · Posted: Wed Nov 16, 2016 2:05 pm Post subject:

Thanks so much. That's actually a relief. One less thing I have to keep track of. Smile

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Bish · Posted: Wed Nov 16, 2016 5:01 pm Post subject:

What Todd said. It may be a cultural thing for me. Back in the UK I didn't claim tax back for charitable contributions. The tax man cut-out a completely unnecessary level of personal taxation bureaucracy (and fiddling) by giving the recipient charity the money directly. So if I gave a pound, the revenue gave the charity another 25p rather than me giving the charity 1.25 and then claiming back the 25p as a deduction. At least, that's how it was twenty years ago Smile

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ConnieTerwilliger · Posted: Wed Nov 16, 2016 5:10 pm Post subject:

I have no idea what you just said Bish...
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Mandy Nelson · Posted: Fri Nov 18, 2016 8:16 am Post subject:

Bish just made me feel dehydrated!
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Philip Banks · Posted: Fri Nov 18, 2016 11:48 am Post subject:

So the colonials don't GiftAid ? As I type high ranking members of HMRC are tutting loudly as they enjoy some London Pride and a bag of Pork Scratching while one of the Turns bangs out something by Slade on the old Joanna.

Flight cancelled so tonight I will not be attending a Bullingham Club reunion.