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Taxes! - Can i deduct?
show user profile  ccampbell
Quick Question - I am a full time employee for a company in the San Francisco Bay Area and i did some side work this year in which i Donated a 3d omposite mach up used for fundraising to a company.

I am not sure if i can claim this job as a tax deduction or Donation as they did not pay me for the time i spent creating it, though I provided them physical media including a Disc containing the project files as well as 5 Hi Rez Render shots for print.

Any idea weather this is a deductable donation?




$Entrepreneur = if((Designer + Engineer)*Programmer){Problem Solver};



read 390 times
2/25/2012 5:47:58 PM (last edit: 2/25/2012 5:47:58 PM)
show user profile  Kajico
Only cash and properties are tax deductible. Anything else falls under volunteer work, where you gifted your time. Even if you produced an item for them, it's still considered an act of volunteer work.

There's other criteria that has to be met too. The company has to be a tax exempt organization, and they must have provided to you a document quantifying the value of the funds and property you donated.


(\/) (°,,,°) (\/) Woop woop woop!




read 374 times
2/25/2012 7:46:01 PM (last edit: 2/25/2012 7:46:01 PM)
show user profile  Dr. Jim
2nd'd.

Hard costs ARE tax deductable.....if you were a carpenter and used a $100 piece of wood to carve them a $5000 statue.....then the service/labor would not be tax deductable, however the $100 hard cost to you would be tax deductible.


read 329 times
2/27/2012 2:41:16 PM (last edit: 2/27/2012 2:41:16 PM)
show user profile  ccampbell
So i have learned.... thanks alot guys. B.S. BTW




$Entrepreneur = if((Designer + Engineer)*Programmer){Problem Solver};



read 295 times
2/28/2012 6:18:39 AM (last edit: 2/28/2012 6:18:39 AM)
show user profile  Bolteon
i would bet to say you could deduct the cost of your time and get away with it; but you'd need proof of you being paid as such for other services per hour.

-Marko Mandaric



read 288 times
2/28/2012 8:20:31 AM (last edit: 2/28/2012 8:20:31 AM)
show user profile  Dr. Jim
you would lose the bet.....;-)
read 269 times
2/28/2012 1:56:24 PM (last edit: 2/28/2012 1:56:24 PM)
show user profile  reeves1984
Get away with it like, if you don't get audited you can get away with anything? ;)

--
Simon Reeves


www.simonreeves.com - VFX Artist & Blog
twitter


www.analogstudio.co.uk <-- I work here

read 265 times
2/28/2012 5:25:59 PM (last edit: 2/28/2012 5:25:59 PM)
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