With the tax filing deadline looming on the not-too-distant horizon, you’ve probably begun to compile your 2008 tax information, or have at least thought about it. However, there is one potential deduction that lawyers often miss.

Lawyers frequently provide pro bono services to charitable organziations but often overlook the potential tax benefits associated with providing such services. While no specific deduction is allowed for the fair market value of services contributed to a charitable organization, the Internal Revenue Code does allow a deduction for certain unreimbursed expenditures made incident to the rendition of services to a qualified charitable organization and can be grouped into categories that include travel, meals and entertainment, use of property, and other expenses.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]