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[Event] Ask the Experts: Investments: Stocks, Crypto, & More
Your husband can deduct for some out-of-the-pocket expenses when volunteering. Forming an LLC is likely not necessary. These deductions are personal deductions claimed on Schedule A of Form 1040
- The value of his time is never deductible as a charitable contribution.
- Travel, meals, and lodging expenses are deductible if your husband was away from home overnight while performing services for the organization.
- As far as automobile expenses typically mileage is deducted. Here is a link with further details and current mileage rates: Standard Mileage Rates
Here is link with additional information on deductions for donated work: Deductions for donated work
Have an amazing day. Evelyn M (CPA 20+ years)
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I would love a thumbs up 🙂 + Mark the post that answers your question by clicking on "Mark as Best Answer"
a week ago
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