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When you start a M.T. Practice and your work is pro-bono how do you file taxes?

I am curious to know how taxes are filed. If you have your license but you make no money when you practice do you still file taxes? Do you have to apply for a charitable tax exempt ID? I know that tips have to be claimed, just curious about this.

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Permalink Reply by Sarah C Simpkins on March 10, 2010 at 10:58am

Thanks for the advice I will look into that!

Samantha J. Bennett said:

I think isn't it per person- the "gifts" per year can only be $25.00. I've always heard when donating- donate cash, not time. It's harder to claim. You can take off your supplies used during donating your time- just not your "per hour" time.
I'd just call a local CPA or accountant were you are and ask them what would be best to do and what you can and can't claim. I'm sure they're be more than happy to answer questions for ya!

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Permalink Reply by Richard G Romine on March 10, 2010 at 11:10am

Sarah, 2009 was my 1st year in the MT buisness. My CPA filed a Profit and Loss Statment with my pakage showing all of my expences for Body Complete. I made no $s but you can use the $s you spent as a deduction. Good luck

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Permalink Reply by Sarah C Simpkins on March 10, 2010 at 11:24am

Thank you! This is def the kind of stuff I was looking for! I appreciate you taking the time to answer!