|
|
| *The Commerce Journal>>>United States Taxes |
How do you claim donations to non-profit corporations? |
I'm an artist and am donating my service to a silent auction, Also, I have a business license for what I do, so I would like to claim it with my biz info. You cannot claim a deduction for the costs of 'services'. You can only claim actual expenditures incurred for donating your services, such as mileage costs to and fro, public transport costs, etc. As well, the value of any artwork created by you is limited to your actual costs, such as canvas, paint, etc. Sorry, you won't. You don't get a deduction for the donation of your time, or the fair market value of your work, you only get a deduction of out of pocket expenses. This is the case even if you are acting in a professional capacity in a field where you are employed or self-employed. Donations of your own services (labor) are not deductible. At most, you might be able to deduct the supplies (paint, canvas, etc.) needed to perform the donated service. |
| Tags |
| Austin Atlanta Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes |
| Related information |
If you are single, don't itemize, and can't be claimed as a dependent, you can claim 2 allowances and still get a small refund. If you claim 3, then you will owe. To see exactly how y... It is a refund of the income tax withheld from your paychecks. The tax rebate won't be sent out until May. ...If you are just looking for Illinois, then go to www.iltax.com and look up sales tax rates. Otherewise, here is a basic listing. ... No, the Block card is NOT a direct deposit - it's to their account, not yours. You'll get a paper check. ...Your income tax return is seperate from the check comming in may it's called a stimulas check. If you did not file your income taxes you can not recieve this check. I hope this link helps...c... it will go to the address that you provided Jackson Hewitt with as your home address as they had to put it on your return...don't stress you'll get it if you are still at the same addres... The penalty and interest are charged from the original due date of the return. So on the 2004 return, it would be figured from 4/15/2005.... ...You will still need to keep detailed records of your mileage, split between business miles, personal miles, and commuting miles. You have a choice whether to claim the flat mileage rate, 50.5 cent... |
Commerce Categories--Copyright/IP Policy--Contact Webmaster |