Any Tax experts around?
 

I have been thnking of trying this out.

It actually started off with me just being nice. I have been thinking of donating 1-2 hours of my time to school kids a few days a week. Who can not afford a math tutor.

I used to charge $25 an hour to tutor while going to school.

Now i live in a less prosperous part of town, and i thought it would be nice to give a little.

Then, my greedy side kicked in.


Does anyone know if i can start a charitable organization/company and bill it for my time?

Basically i could bill my tutoring services as a charitable donation.

legit of course, i would really be helping these kids.

just a thought, im going to look into it further. But if anyone knows more info, or has a link i could read, that would be helpful

I'm no expert and I could be wrong but if the goal of your organization is to make money you are a company and not a charity. You charge for a service.

hmm yeah, will get in touch with my accountant.


im not charging anyone anything.

it would be free to them.

im trying to figure out a way to save on taxes though, and i think i might be onto something


i guess i should just give the guy a call.

You can deduct any expenses you incurred while doing charity work, but you can not deduct for your time.

If you do it through an Organization or school i'm sure they'd give you some kind of a receipt.

No, you CAN NOT deduct for your time. I am very experienced with charity/taxes. For instance, I maintain the website for our local humane society. I deduct software expenses, travel expenses, hosting expenses, domain expenses, computer equipment that would fall outside of my normal cost of business deductions, etc. But I can not deduct for my time, which would be HUGE if I could, but I can't. It's the law.

ah thanks Ani.

hopefully i can find away around it.

ill still give my time...but i was really hoping to deduct based on my time.

as that is what is more valuable

Yeah, I agree that it does suck. If I could bill/deduct all my hours spent on charity, I'd be some kind of tax monster.

PS - Have you incorporated your business? This is the best tax advice I can think of. Then YOU decide what you pay yourself each year (taxable) and then you just keep all the business profits too. It's your money.
It's hard to believe this is legal, but it is so. Fucking corporations, I cringe at the tax bills I have paid in the past when I didn't have to.

Incorporate! LLC is worthless right now because the tax laws haven't been clearly defined.

well, i have been thinking of incorporating.

to clarify, i just work for makebling.

but i am paid as an independant....so yeah i am basically my own business in that sense.


i guess i need to get a hold of my accountant soon, and see what he thinks

If you are paid as an independent contractor ( whatever they call it now), you can and should incorporate.

Why would kids how have no money will want to learn math?
They need money! Not math...
Just my :2 cents:

I guess they should take all the money public schooling costs for each child and just cut the kids a check? Screw education?

I came from a poor family, and i am doing quite well for myself


and i owe it all to mathematics

i went and got a honours math degree, which has made life easier for me.


when you dont have big time contacts a math degree opens all doors for you:2 cents:

Exactly. I grew up in grinding poverty, but with good public schooling and student loans I have risen to the top 1% of incomes.
This is what Math can do.