| Author |
Message |
Missy
Guest
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 Posted:
Thu Oct 20, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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To answer your question in one short word, NO.
Your time is worth ziltch when it comes to donation of time.
But, any out of pocket expenses are deductable under
charitible deductions on schedule A, second line.
Missy Doyle
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effi
Guest
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| Posted:
Sun Oct 23, 2005 9:39 pm Post subject:
Re: Can I deduct donated time? |
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news:11lbjm7khcf3e93@corp.supernews.com...
| Quote: | I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes?
Regarding the valuation question, I know what I was paid
before I retired. I would be doing "similar" work for the
library project. But I do not know what the "going rate"
might be for such consulting time. I am worried that my
prorated hourly wage exceeds the "going rate". Should I be
concerned about that?
Are there any other questions that I should be asking?
|
consider spending that time working and getting paid by
customers then donating the money to the charity
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
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D. Stussy
Guest
|
| Posted:
Mon Oct 24, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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nomail1983@hotmail.com wrote:
| Quote: | I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes? ....
|
The value of your time is ZERO. You may deduct zero all you
want.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >>
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David Woods, EA, ChFC, CL
Guest
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| Posted:
Wed Oct 26, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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"effi" <effi@ev1.net> wrote:
| Quote: | nomail1983@hotmail.com> wrote:
I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes?
Regarding the valuation question, I know what I was paid
before I retired. I would be doing "similar" work for the
library project. But I do not know what the "going rate"
might be for such consulting time. I am worried that my
prorated hourly wage exceeds the "going rate". Should I be
concerned about that?
Are there any other questions that I should be asking?
One word answer, no, you cannot deduct your time.
|
That's eight words.
--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Stuart A. Bronstein
Guest
|
| Posted:
Thu Oct 27, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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"David Woods, EA, ChFC, CLU" <dwoods@woods-financial.com> wrote:
| Quote: | "effi" <effi@ev1.net> wrote:
nomail1983@hotmail.com> wrote:
I am a recently-retired professional.
One word answer, no, you cannot deduct your time.
That's eight words.
|
You mean eight (or five) words too many. It's a good thing
you guys use computer programs to do your tax returns.
Stu
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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David Woods, EA, ChFC, CL
Guest
|
| Posted:
Thu Oct 27, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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"effi" <effi@ev1.net> wrote:
| Quote: | nomail1983@hotmail.com> wrote:
I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes?
Regarding the valuation question, I know what I was paid
before I retired. I would be doing "similar" work for the
library project. But I do not know what the "going rate"
might be for such consulting time. I am worried that my
prorated hourly wage exceeds the "going rate". Should I be
concerned about that?
Are there any other questions that I should be asking?
One word answer, no, you cannot deduct your time.
|
That's eight words.
--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Lanny K Williams CPA
Guest
|
| Posted:
Fri Oct 28, 2005 8:00 am Post subject:
Re: Can I deduct donated time? |
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|
David Woods, EA, ChFC, CLU wrote:
| Quote: | "effi" <effi@ev1.net> wrote:
nomail1983@hotmail.com> wrote:
I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes?
Regarding the valuation question, I know what I was paid
before I retired. I would be doing "similar" work for the
library project. But I do not know what the "going rate"
might be for such consulting time. I am worried that my
prorated hourly wage exceeds the "going rate". Should I be
concerned about that?
Are there any other questions that I should be asking?
One word answer, no, you cannot deduct your time.
That's eight words.
|
Depending on what you consider to be the answer, I see
either 6 or 9 words.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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effi
Guest
|
| Posted:
Fri Oct 28, 2005 2:21 pm Post subject:
Re: Can I deduct donated time? |
|
|
"David Woods, EA, ChFC, CLU" <dwoods@woods-financial.com> wrote:
| Quote: | "effi" <effi@ev1.net> wrote:
nomail1983@hotmail.com> wrote:
I am a recently-retired professional. I want to donate my
expertise to a project for a public library.
Would the value of my time be deductible? As a charitable
deduction or as something else (what)? How would I valuate
my time? What documentation must I have in the event of an
audit or for filing purposes?
Regarding the valuation question, I know what I was paid
before I retired. I would be doing "similar" work for the
library project. But I do not know what the "going rate"
might be for such consulting time. I am worried that my
prorated hourly wage exceeds the "going rate". Should I be
concerned about that?
Are there any other questions that I should be asking?
One word answer, no, you cannot deduct your time.
That's eight words.
|
That is actually one word.
Nobody counts correctly.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Bob Sandler
Guest
|
| Posted:
Mon Oct 31, 2005 4:30 pm Post subject:
Re: Can I deduct donated time? |
|
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| Quote: | Nobody counts correctly.
|
But they all prepare tax returns.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Lanny K Williams CPA
Guest
|
| Posted:
Mon Oct 31, 2005 4:30 pm Post subject:
Re: Can I deduct donated time? |
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|
Moderator: This thread is now closed.
-------------------------------------
| Quote: | One word answer, no, you cannot deduct your time.
That's eight words.
That is actually one word.
Nobody counts correctly.
|
To me, the reply was the whole sentence, which is 9 words.
On the other hand, you could consider the reply to be: "no,
you cannot deduct your time." That is 6 words. The poster
did not say, "no." He said, "No, you cannot deduct your
time."
An answer is a response to a question and the response in
this case was either 6 or 9 words, depending on what you
consider to be the response to the question.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Harlan Lunsford
Guest
|
| Posted:
Thu Nov 03, 2005 9:00 am Post subject:
Re: Can I deduct donated time? |
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| Quote: | Nobody counts correctly.
But they all prepare tax returns.
|
Well, thank goodness, we don't HAVE to count these days.
When I prepared my first tax return, I used an adding
machine; no, not a calculator, but a genuine adding
machine. Nowdays of course the software does all the
counting for you.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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Sergiy Migdalskiy
Guest
|
| Posted:
Mon Nov 14, 2005 9:00 am Post subject:
Re: Can I deduct donated time? |
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You can't be serious, people!
It would be a nice loophole in IRC: someone would be able to
hire a programmer from India for peanuts to do the job,
claim it was their job and deduct it. It wouldn't be quite
100% legal, but it would be easy to do and hard to audit.
Hmmm.. so are you guys absolutely positive there's no way to
deduct donated time?
- S
Moderator:
Absolutely positively without a doubt or we would all be
doing it. I easily donate 800 hours a year to moderating
this newsgroup. No way is one minute of it deductible on
my tax return.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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