US Tax Break
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US Tax Break
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Vance Corkery  Send message Joined: 17 Oct 06 Posts: 2 Credit: 38,678 RAC: 0 
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Anyone writing off project time/resource$? Please do tell... Vance ID: 687429 ·  |
 Matthew Love  Send message Joined: 26 Sep 99 Posts: 7763 Credit: 879,151 RAC: 0
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Did not know that you can??   LETS BEGIN IN 2010 ID: 687431 · |
John McLeod VII  Send message Joined: 15 Jul 99 Posts: 24806 Credit: 790,712 RAC: 0
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I believe the answer is that the dollars that you donate directly to the project(s) count as charity, but the resources that you use do not as far as the IRS is concerned. This comes up every tax season, and someone goes and asks a tax account for the answer and posts it here. The answer has not changed. So if you have donated cash the IRS lets you count that as a charitable donation, but the extra power bill and money you have spent on computer(s) to crunch does not count.   BOINC WIKI ID: 687442 · |
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Clyde C. Phillips, III Send message Joined: 2 Aug 00 Posts: 1851 Credit: 5,955,047 RAC: 0
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I just read something in the paper today about the Alternative Minimum Tax. The government is awfully stupid in not indexing things for inflation when it comes for taxes. For people making more than just a modest income it may affect them. So it's possible that the AMT might nix a charitable deduction. Buying computers to calculate Seti probably doesn't save a penny of tax, and usually will just add to state and/or local tax liability. For example when I ordered $3000 worth of computers last year to crunch Seti, I had to add 6% state sales tax ($180) on the state income tax form because the vendor did not add state tax to my bill. Luckily here there is no local sales tax. ID: 687963 · |
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Darth Dogbytes™ Send message Joined: 30 Jul 03 Posts: 7512 Credit: 2,021,148 RAC: 0
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I just read something in the paper today about the Alternative Minimum Tax. The government is awfully stupid in not indexing things for inflation when it comes for taxes. For people making more than just a modest income it may affect them. So it's possible that the AMT might nix a charitable deduction. Buying computers to calculate Seti probably doesn't save a penny of tax, and usually will just add to state and/or local tax liability. For example when I ordered $3000 worth of computers last year to crunch Seti, I had to add 6% state sales tax ($180) on the state income tax form because the vendor did not add state tax to my bill. Luckily here there is no local sales tax. By not indexing to inflation, your congressmen in essence, hide a tax increase. Clever little monkeys aren't they... Account frozen... ID: 687966 · |
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