America's North Shore Journal

Volunteers make America a better place. It may be in a museum, with the Scouts, Little League or the thousands who are volunteer EMT’s like I am. That has value but you wouldn’t know it. Current IRS regulations don’t allow you to deduct your time as a volunteer and you can deduct a measly 14 cents a mile when the deduction for business use of your car is 48.5 cents a mile. Financial accounting standards for not for profits allow them to record the value of your time as income only if you have a specific skill and they would have had to hire someone if you did not volunteer. As an EMT, that would allow my Corps to recognize my time as a donation, income, but not the woman who is … Read entire article »