"donated" time?

catspaw

Obviously this is a question for a tax advisor, but since I haven't enlisted one for my 2008 taxes yet, I'm tossing it out here. Mostly, I want to make sure I document this enough (assuming it is of use).

The local barn is having a xmas party next weekend -- I'm donating my time to take photos of horses and pups for folks that another gal is turning into glass ornaments. The photography time as well as printing (small images, just a few 4x6s will get them all done I think) will all be cost-free: we're doing a $5 donation to the barn for a fundraiser. It's NOT a non-profit, but there are somethings (large mirrors in this case for the arena) that the barn owners cannot afford, that the barn folks (those of us who board and ride there) are happy to donate $$ towards.

So, tax deductible? any idea? Anyone ever DONATED time before like this?

Suggestions on how to 'document' the time spent (I'd just stuff it under my normal portrait billable hours + printing costs) for the not-yet-found accountant?

Any tips so I can pull out a sheet and wave it at my accountant later on would be very very appreciated. thanks! :lust

edit: typos

Blaker

catspaw wrote:

Obviously this is a question for a tax advisor, but since I haven't enlisted one for my 2008 taxes yet, I'm tossing it out here. Mostly, I want to make sure I document this enough (assuming it is of use).

The local barn is having a xmas party next weekend -- I'm donating my time to take photos of horses and pups for folks that another gal is turning into glass ornaments. The photography time as well as printing (small images, just a few 4x6s will get them all done I think) will all be cost-free: we're doing a $5 donation to the barn for a fundraiser. It's NOT a non-profit, but there are somethings (large mirrors in this case for the arena) that the barn owners cannot afford, that the barn folks (those of us who board and ride there) are happy to donate $$ towards.

So, tax deductible? any idea? Anyone ever DONATED time before like this?

Suggestions on how to 'document' the time spent (I'd just stuff it under my normal portrait billable hours + printing costs) for the not-yet-found accountant?

Any tips so I can pull out a sheet and wave it at my accountant later on would be very very appreciated. thanks!

edit: typos

Here is some information:

http://www.photoattorney.com/2006/07/deductions-for-donating-photography-to.html


"What about your time and talent that it takes to take the photo? Publication 526 specifically states that you cannot deduct the value of your time or services.

What can you do if you want to help the charity? Charge your normal fees for your work and otherwise make a direct cash donation to the charity. Or just donate your work and be satisfied with using your talents to help others."

catspaw

Blaker wrote:

Here is some information:

http://www.photoattorney.com/2006/07/deductions-for-donating-photography-to.html


"What about your time and talent that it takes to take the photo? Publication 526 specifically states that you cannot deduct the value of your time or services.

What can you do if you want to help the charity? Charge your normal fees for your work and otherwise make a direct cash donation to the charity. Or just donate your work and be satisfied with using your talents to help others."

Hmm, but I could deduct the cost of the prints, since that's an incurred cost on my part. Good to know! I shan't bother tracking the amount of time, but just base costs and see if it's even of any use come tax time. Much easier this way, yay!

thanks a bunch

MaryBoo

I'm pretty sure that since it's not a qualified non-profit charitable organization, you can give them your time and services, but the IRS won't give a darn and you can't deduct it as a charitable contribution.

You'll have to figure out some other way...:D

ChatKat

MaryBoo wrote:

I'm pretty sure that since it's not a qualified non-profit charitable organization, you can give them your time and services, but the IRS won't give a darn and you can't deduct it as a charitable contribution.

You'll have to figure out some other way...:D

You can write off the cost of prints as promotional items...it's a cost of doing business and can be substanciated as a deduction. At least I would allow my tax clients to take that as a business expense. Your tax professional might give you different advice.

catspaw

ChatKat wrote:

You can write off the cost of prints as promotional items...it's a cost of doing business and can be substanciated as a deduction. At least I would allow my tax clients to take that as a business expense. Your tax professional might give you different advice.

Oh!

*duh moment*

suppose it would be a good time to put together a price sheet and leave more business cards, huh? whether I can write it off or not, I canNOT believe that didn't even occur to me.

thank you!