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#3
02-19-2006, 10:29 AM
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 Re: what's more advantageous - unpaid volunteer or employee with sebastian wrote: - quote - > I am the founder and executive director of a 501(c)(3)
At a salary of $1 per month, you're not even going to have> nonprofit organization (incorporated in NY). I've recently > left my previous job to work full time as the UNPAID > executive director of the organization. My question is the > following: from a personal taxes perspective, is there any > advantages to, instead of working as a full-time volunteer > (where I can deduct certain expenses) instead work as an > actual employee with a negligible salary ($1/month)? > Specifically, what method allows me more generous tax > deductions on my expenses related to this (unpaid) job? to file a tax return, so no need to worry about any deductions atall. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-19-2006, 10:29 AM
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| Re: what's more advantageous - unpaid volunteer or employee with $1 salary? "sebastian" <seba10[at]gmail.com> wrote: - quote - > I am the founder and executive director of a 501(c)(3)
Without more specific information about your personal tax> nonprofit organization (incorporated in NY). I've recently > left my previous job to work full time as the UNPAID > executive director of the organization. My question is the > following: from a personal taxes perspective, is there any > advantages to, instead of working as a full-time volunteer > (where I can deduct certain expenses) instead work as an > actual employee with a negligible salary ($1/month)? > Specifically, what method allows me more generous tax > deductions on my expenses related to this (unpaid) job? situation, I doubt that anyone can give you a definitive answer. Nevertheless, I suspect the deduction of "out of pocket" expenses as a charitable deduction would be better than taking those same expenses as unreimbursed employee expenses. Charitable deductions have limits, which could affect you, but employee expenses are miscellaneous itemized deductions, subject to the 2% wastage. If the amounts involved are significant to you, you should consult a tax professional to be sure you don't make an expensive mistake. An accountant's fee could be less than the taxes, penalties, and interest resulting from doing the wrong thing. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-19-2006, 10:29 AM
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| Re: what's more advantageous - unpaid volunteer or employee with sebastian wrote: - quote - > I am the founder and executive director of a 501(c)(3)
The underlying assumption is that you have other income and> nonprofit organization (incorporated in NY). I've recently > left my previous job to work full time as the UNPAID > executive director of the organization. My question is the > following: from a personal taxes perspective, is there any > advantages to, instead of working as a full-time volunteer > (where I can deduct certain expenses) instead work as an > actual employee with a negligible salary ($1/month)? > Specifically, what method allows me more generous tax > deductions on my expenses related to this (unpaid) job? that income is subject to taxation. If that is not true, it makes no difference which you do except for public relations purposes. As an employee, your expenses are subject to 2% of AGI. As a volunteer, your expenses are a charitable deduction. It was George Washington who asked for an expense account rather than a salary. Watch out for your expense account. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-18-2006, 12:38 PM
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| Re: what's more advantageous - unpaid volunteer or employee with $1 salary? Can anyone answer this question please? Thanks... << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-14-2006, 05:25 AM
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| what's more advantageous - unpaid volunteer or employee with $1 salary? I am the founder and executive director of a 501(c)(3) nonprofit organization (incorporated in NY). I've recently left my previous job to work full time as the UNPAID executive director of the organization. My question is the following: from a personal taxes perspective, is there any advantages to, instead of working as a full-time volunteer (where I can deduct certain expenses) instead work as an actual employee with a negligible salary ($1/month)? Specifically, what method allows me more generous tax deductions on my expenses related to this (unpaid) job? Thanks. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| advantageous, employee, salary, unpaid, volunteer |
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