I wanted to reblog this article, relevant as it is during Tax Time. I wrote it last year, but it is still applicable.

The Gallery Goddess

As charitable individuals, our humility sometimes goes a little too far. Do not underestimate yourself!

In our Junior Seminar class last week, someone said that their volunteer hours couldn’t be assigned a value and consequently weren’t tax deductible.  Our instructor enlightened us on this matter.  He said there was definitely a definitive monetary value that was tax deductible as a charitable donation. He then provided us with links to very helpful information regarding this issue.

Donation of time to a nonprofit organization can be assigned a monetary value and you may deduct your donation on your tax return.  “The estimated dollar value of volunteer time is $21.36 per hour for 2010, according to the Independent Sector, a coalition of charities, foundations, corporations, and individuals that publishes research important to the nonprofit sector” (http://www.grantspace.org).

~ You may also benefit from tax deductions of these expenses if incurred during…

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~ by The Gallery Goddess on February 27, 2013.

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