Can folding be tax deductible? [No]
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Can folding be tax deductible? [No]
is there any way to mark the electricity that u use folding as a tax deduction, i know that if you do deliveries for the salvation army the gas is deductible as well as other energy things, so it would be nice if there was a way to track annually how much time that a machine and its specs (including oc) are bing used to fold and that TDP could be written an IRS approved receipt or email that could be printed
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7im
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Re: can folding be tax deductible?
Hello zanzabar, welcome to the forum.
This topic comes up every April, and the conclusions of the people here are the same each year. The answer is no, not likely. The IRS has a standardized mileage rate, 39 cents/mile, or whatever it is this year. There is no standardized rate for work units submitted. And there is no easy way to track how much of your electricity went to fold a work unit versus post in this forum, read email, surf the web, etc.
However, the IRS DOES have a standardized rate for monetary donations. Please see here: http://folding.stanford.edu/English/Donate
If any of you new forum members also happens to be a CPA, Tax Lawyer, etc, we'd welcome your new input on the topic. Thanks.
This topic comes up every April, and the conclusions of the people here are the same each year. The answer is no, not likely. The IRS has a standardized mileage rate, 39 cents/mile, or whatever it is this year. There is no standardized rate for work units submitted. And there is no easy way to track how much of your electricity went to fold a work unit versus post in this forum, read email, surf the web, etc.
However, the IRS DOES have a standardized rate for monetary donations. Please see here: http://folding.stanford.edu/English/Donate
If any of you new forum members also happens to be a CPA, Tax Lawyer, etc, we'd welcome your new input on the topic. Thanks.
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Tell me and I forget. Teach me and I remember. Involve me and I learn.
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wilding2004
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Re: Can folding be tax deductible? [No]
On this side of the pond, HM Customs and Revenue would probably like to tax us even more for our "excessive usage" of electricity 
. I wouldn't mind but it already costs a bloody fortune for a kWh, my local supplier is currently charging 16.7p or about 32cents
And I don't know what Broadband services are like in the states, but over here we have a lot of providers who sell you an unlimited download package, and then charge you extra for using it because they have a "fair usage" policy.
. I wouldn't mind but it already costs a bloody fortune for a kWh, my local supplier is currently charging 16.7p or about 32centsAnd I don't know what Broadband services are like in the states, but over here we have a lot of providers who sell you an unlimited download package, and then charge you extra for using it because they have a "fair usage" policy.
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Tigerbiten
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Re: Can folding be tax deductible? [No]
Who are you with ?wilding2004 wrote:On this side of the pond, HM Customs and Revenue would probably like to tax us even more for our "excessive usage" of electricity
I'm in the UK and am only paying on average just less than 8p.
But then again the farm does pull down 2 kW.
Luck ...........
