Ford asked:
I have a lawn business but do three yards weekly for free. Can this be accounted for on schedule C? Is it considered a donation of time?
Investment Property
I have a lawn business but do three yards weekly for free. Can this be accounted for on schedule C? Is it considered a donation of time?
Investment Property
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You can donate your time to anyone you want to, but that doesn’t mean you can put a value on it and count it as a charitable deduction. You got a business, now get a CPA.
You would only enter your expense as you normally would. For example Gas & oil go on the “Fuel” line.
It is not a donation and donations of time are not deductible.
No it is not. You would have to record it as income and then could only write it off as a donation if it was to a registered charity (local shelter, church etc) You could write it off as a bad debt, but only after first recording it as income and making a reasonable attempt to collect.