Bob Marts Posted July 3, 2008 Report Share Posted July 3, 2008 I've done pro bono PSA's over the years, but I've never taken any as a tax write-off. What does that involve? Bob Quote Link to comment Share on other sites More sharing options...
Guest jimg Posted July 4, 2008 Report Share Posted July 4, 2008 If you are a sole proprietor and itemize deductions on your tax return, you can deduct contributions of goods but not labor so long as the organization is a legitimate charity that meets IRS guidelines. You can also deduct mileage at the current rate for any driving you do to get to the job and back. Get a letter from the group that states their status and thanks you for the effort you made that includes the value of your contribution. Choose the highest book rate you can find for the gear including cables, headsets, etc. when you come up with the value of the contribution. At least that's what my accountant tells me to do. If you are incorporated, check with your accountant. The most important thing is that the group is a legitimate charity and that you have some paper trail to fall back on. Best regards, Jim Quote Link to comment Share on other sites More sharing options...
wbrisett Posted July 4, 2008 Report Share Posted July 4, 2008 You are allowed to deduct for "charitable" contributions on your tax return each year. Like a donation to the political party of your choice, or say the Red Cross. Red Cross, yes. However, any and all political donations are not tax deductible. Wayne Quote Link to comment Share on other sites More sharing options...
Bob Marts Posted July 4, 2008 Author Report Share Posted July 4, 2008 Thanks for your thoughts on this. Bob Quote Link to comment Share on other sites More sharing options...
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