1. Since he donated his professional time & energy, is it an in-kind donation or was he just volunteering? He was volunteering.3. If I send him a letter of thanks with the description and dollar value of his work, will he be able to deduct it, ...?No. One cannot deduct the value of personal services contributed to a charity. 3. What are some good, practical sources of information that would help me out at this early stage of trying to put the whole bookkeeping system together?Sorry - I'm not much help here. One thing to keep in mind is that if your donation income gets to something like $25k, you'll need to start filing form 990 with the IRS (and possibly something with your state as well). It's been a while since I've worked with a non-profit, so I don't know if that 990 filing threshold is current. You might get a copy of the form and instructions to check what the current requirement is.--Peter
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra