QUESTION
How can my volunteer work be tax deductible for my company?
Asked on Oct 19th, 2011 on Taxation - Oregon
More details to this question:
I understand that individuals or companies can donate money to a non-profit organization that supports a good cause and they can have a certain percent of that donation as tax deductible. Can the same thing apply for a company or individual who donates for a good cause that is not a registered Non Profit? Specifically, if a company were to sponsor me to go to Japan to volunteer in tsunami devastated areas, is there a way for this to also be tax deductible?
1 ANSWER
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Depending on the circumstances, the company paying the expenses should be able to deduct them. If you work with a 501(c)(3) charity some of your out of pocket expenses on their behalf could be deductible. You cannot take a deduction for the value of your time.
Answered on Oct 19th, 2011 at 5:14 PM