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Help me price my work?
Mike Rivers wrote:
In article writes: Well, obviously your tax attorney sees this differently than mine does. She was quite clear that direct deductions for services-in-kind were not legal. And yes, we were discussing this in the context of operating the studio as a business. They aren't directly deductable. The way that people do this is to get paid by the organization and then make a donation to the organization in the same amount. Of course in order for it to be a valid deduction, the organization has to be the right business category and not simply a not-for-profit happening. And of course you have to declare the payment as income for your business. That's exactly the way my advisor described it, but with one additional restriction - she said that you couldn't donate back more than 50% of the invoiced amount. |
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