Home: Message List - Volunteering at Local School Districts

Re: Volunteering at Local School Districts

CorpCons08 — Wed, 05 Dec 2007 16:39:19 GMT

I will ultimately talk to my accountant, I was just curious if anybody knew off hand.

CorpCons08

Re: Volunteering at Local School Districts

LUCKIEST — Wed, 05 Dec 2007 15:34:10 GMT

That is why there are accountants. They should know what to deduct on the
tax returns and they also sign the tax returns.
LUCKIEST

Re: Volunteering at Local School Districts

Lighthouse24 — Wed, 05 Dec 2007 15:27:12 GMT

That's beyond my scope of knowledge. I do know that down here (south Texas) tax credits were instituted for property investments and rehabilitations after Rita and Katrina, and I think there are some specific considerations for residential property leased to non-profits that serve the victims -- but I really don't have any first hand experience with that, so I can't be more specific. Maybe there are credits like that in your region (SC, right?) from similar federally-declared disasters.

Re: Volunteering at Local School Districts

BDS INC — Wed, 05 Dec 2007 15:15:43 GMT

I should have used the words tax credit. That $3600.00 a year is designated as a donation.

Re: Volunteering at Local School Districts

LUCKIEST — Wed, 05 Dec 2007 15:06:38 GMT

BDS, Your remark about "tax credit" is interesting.
Where on the tax return does this tax credit appear??
Thanks, LUCKIEST

Re: Volunteering at Local School Districts

BDS INC — Wed, 05 Dec 2007 14:02:27 GMT

Thanks Lighthouse I guess my accountant and I will be having a discussion this week. I rent a property to my local church for about $300 a month less than I could actually charge in rent. For the past two years my accountant has been taking that difference as a tax credit. I wonder if this changes things.

Re: Volunteering at Local School Districts

Lighthouse24 — Thu, 29 Nov 2007 16:11:20 GMT

In the lawn care business, the unique equipment and supplies you must purchase in order to provide that service to the church would be deductible, but starting this year (according to my accountant), if your deductible donations will exceed $500 total for the year, you'll need receipts for the items/supplies you bought and a letter from the church reflecting a corresponding donation of those items/supplies to them.

Leadership and organizational development are what I do for a living, and I do a lot of it for major charities each year -- so I'm pretty sure my accountant is on the mark here. Charities list me as a contributor of the dollar amount equal to the value of my time, but I cannot deduct that on my taxes (only my travel costs).

Hope this helps.

Re: Volunteering at Local School Districts

Ed O'Gee — Thu, 29 Nov 2007 15:07:34 GMT

LT - Luckiest is right you are not writing off your time - you are writing off your equipment and materials use.

Re: Volunteering at Local School Districts

LUCKIEST — Thu, 29 Nov 2007 14:22:48 GMT

L T, Yes you are right. As you said "transportation costs, fuel costs for your trucks and mowers, supply costs for fertilizers, pests, and weed controls" are all business expenses and should increase your Cost of Sales
and reduce your Gross Profit. As I said last time, there are Accountants and there are accountants.
LUCKIEST

Re: Volunteering at Local School Districts

LT Lawn Care — Thu, 29 Nov 2007 13:55:45 GMT

Sure you can Luckiest when you factor in, not just time but materials and equipment fees. Think about what I do for a living - I have transportation costs, fuel costs for my trucks and mowers, supply costs for fertilizers, pests, and weed controls, this is all factored into that $150 month estimate.