So, you decided to help out a local nonprofit and volunteered your professional services. Will you be able to write this off on your tax return as a donation? Not so much. You cannot claim a charitable deduction for the value of your services, no matter how much time and effort you put in. However, you can write off your out-of-pocket costs such as making photocopies for meetings, art supplies … [Read more...]
Charitable Contributions Just Became Easier: From Evaluations to Tracking
In recent years the IRS has stiffened the required documentation for donations of clothing and other household items to nonprofit organizations like the Salvation Army or Goodwill Industries. “Three bags of clothing” or “two boxes of books” is not an adequate description of the donated items to claim the deduction. You must have a list of the donated items along with the fair market value you … [Read more...]