Solved: If a band is playing a charity event for free how do we deduct for our time and is there a standard rate or can we quantify that based on our gig rate?
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If a band is playing a charity event for free how do we deduct for our time and is there a standard rate or can we quantify that based on our gig rate?

 
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New Member

If a band is playing a charity event for free how do we deduct for our time and is there a standard rate or can we quantify that based on our gig rate?

You're not able to deduct the value of your time. No matter how valuable your time is, you can’t take a deduction for the time you spend in charitable endeavors.

The expense you incur for any supplies you buy for event may be deductible. If you incur fundraising expenses, those expenses will be tax deductible as well. You may deduct parking fees and tolls, as well as mileage at 14 cents per mile. If you use public transportation during your volunteering, that’s tax deductible as well.

You may read TurboTax faq for more information:

https://ttlc.intuit.com/replies/4797925

View solution in original post

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New Member

If a band is playing a charity event for free how do we deduct for our time and is there a standard rate or can we quantify that based on our gig rate?

You're not able to deduct the value of your time. No matter how valuable your time is, you can’t take a deduction for the time you spend in charitable endeavors.

The expense you incur for any supplies you buy for event may be deductible. If you incur fundraising expenses, those expenses will be tax deductible as well. You may deduct parking fees and tolls, as well as mileage at 14 cents per mile. If you use public transportation during your volunteering, that’s tax deductible as well.

You may read TurboTax faq for more information:

https://ttlc.intuit.com/replies/4797925

View solution in original post

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