THIS IS A FRIENDLY PSA…
Musicians get asked to perform at benefits for free a lot. Many times, we are promised a very official sounding piece of paper that says we donated our time and told we use said paper for a tax deduction.
That is wrong.
You cannot deduct these donated services. I’ve checked with musician accountant extraordinaire, Dave Roth of Roth Finance, and I’ve consulted the tax code. No matter what anyone tells you, YOU CANNOT DEDUCT YOUR TIME. Continue reading Issue of Donating Your Time