Can I deduct donations of my time to charitable organizations?
Answer: No, you cannot deduct the value of your time or services. If you are donating your time to a nonprofit, you can deduct you mileage and any out of pocket expenses associated with the services you’re providing to the nonprofit. You can read the official IRS publication on charitable contributions here: Publication 526 – Charitable Contributions
Be Your Own CFO – The small business owners’ simple guide to bookkeeping and taxes.
If you’re looking for a little kickstart to get your finances in order, I’d love for you to join me and my small business friends over at Be Your Own CFO.
The Be Your Own CFO program includes access to a Certified Public Accountant and a membership site which includes short videos and beautiful, downloadable guides that will walk you through the main topics in each lesson. Each lesson will be released on a weekly basis to ensure that you don’t get overloaded with information, and you have time to review and ask questions before proceeding. We have a private Facebook group for check-ins, questions, and accountability!