Question

Should the labor we donate when we volunteer be deductible? How would it be calculated? What...

Should the labor we donate when we volunteer be deductible? How would it be calculated? What would be the advantages and disadvantages?

Homework Answers

Answer #1

The Internal Revenue Service (IRS) does not allow individuals in their income tax return to get the deduction of their volunteer labor given to any nonprofit organization or any other organization.

The amount of deduction is not required to be calculated because it is not allowed as deduction.

The advantage is IRS allows individuals to get the deduction for certain expenses (not labor) related to volunteer service, including:

  • Local travel expenses
  • Telephone expenses
  • Advertising expenses incurred on behalf of the organization
  • Cost of supplies purchased to be used in volunteer work
  • Cost of uniform and expenses to keep it clean
  • Expenses to host a party/fundraisers for the organization

And, obviously the disadvantage is IRS doesn’t allow individuals to get the deduction for the labor donated to a volunteer work.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What do you mean by ARR and how can it be calculated? State the advantages and...
What do you mean by ARR and how can it be calculated? State the advantages and disadvantages of ARR?
5. What are the labor Force and labor force participation rate and how are they calculated?...
5. What are the labor Force and labor force participation rate and how are they calculated? What information do you need to calculate it? What is unemployment rate and how is it calculated?
should they consider online banking? what are the advantages and disadvantages when compared to traditional banking...
should they consider online banking? what are the advantages and disadvantages when compared to traditional banking services
When my newly established FMCG brand launches its brand in a foreign country, how should geocentric...
When my newly established FMCG brand launches its brand in a foreign country, how should geocentric pricing policy apply to my FMCG brand? What is this pricing approaches advantages and disadvantages to the FMCG firm? (international marketing perspective)
Under what conditions should a company issue stock, and what conditions should they issue bonds? And...
Under what conditions should a company issue stock, and what conditions should they issue bonds? And why should they offer either under these conditions? What are the advantages, and disadvantages, to a company when issuing stock and/or bonds?
When would you employ logistic regression rather than discriminant analysis? What are the advantages and disadvantages...
When would you employ logistic regression rather than discriminant analysis? What are the advantages and disadvantages of this decision?
When would you employ logistic regression rather than discriminant analysis? What are the advantages and disadvantages...
When would you employ logistic regression rather than discriminant analysis? What are the advantages and disadvantages of this decision?
What is abstract labor? Is it substance? Is it inherent in individual use values? How should...
What is abstract labor? Is it substance? Is it inherent in individual use values? How should we understand abstract labor? What is the relationship between abstract labor and value? Between abstract labor and exchange value?
When or under what circumstances, if at all, should assisted migration of species to locations outside...
When or under what circumstances, if at all, should assisted migration of species to locations outside their current range be used as a tool in the conservation and management of species and ecological systems. What are some advantages and disadvantages? Argue your point. Please write a some sentences explaining why.
When or under what circumstances, if at all, should assisted migration of species to locations outside...
When or under what circumstances, if at all, should assisted migration of species to locations outside their current range be used as a tool in the conservation and management of species and ecological systems. What are some advantages and disadvantages? Argue your point. Please write a some sentences explaining why.