Pro bono
Pro bono service refers to work performed or provided without charge to benefit a cause or for the general public’s good. Some expenses for performing pro bono services are tax-deductible, but not all.
Although most people think of legal services, pro bono services can be other things as well, and many other types of professionals donate their services free of charge (doctors, accountants, etc.). The IRS is a little fussy about what constitutes professional services, and providing a service does not mean it constitutes pro bono work.
It is important to distinguish between donating professional services and simply volunteering time and labor.
Although most people think of legal services, pro bono services can be other things as well, and many other types of professionals donate their services free of charge (doctors, accountants, etc.). The IRS is a little fussy about what constitutes professional services, and providing a service does not mean it constitutes pro bono work.
It is important to distinguish between donating professional services and simply volunteering time and labor.
Tax Deductions for Services
For the most part, you cannot deduct fees you would normally charge for your services as pro bono services, but you may be able to take deductions for certain qualifying expenses on your income tax return.
You can consult your a financial advisor or your attorney for further clarification
You can consult your a financial advisor or your attorney for further clarification
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