Originally Posted by tweezy50
Idon't know why this entered my mind. I'm on a fixed income and so it won't affect me directly, but here in the USA; if you buy fabric and notions strictly for charity quilts, would the expenses be tax deductable?? Any accountants or lawyers out there that could give a heads up on this?
Just curious. With the price of fabric and notions going up, some might be interested.
:?:
That's why I keep an Excel spreadsheet throughout the year. To keep track of every little deductible thing. Doing the spreadsheet ensures that I enter each item in a timely manner. Yes, I have a designated place for entries waiting to be put onto the computer. I also back this up on a flash drive, just in case. I keep the receipts in envelopes: medical, church, donations, etc.
Then when it is tax time all I need is the spreadsheet.
Unfortunately, my time isn't tax deductible. But, since I am slower than average usually, I can understand it. Darn it.
Am I OCD, anal retentive, or just plain overorganized. Personally, I prefer to call it being frugal and organized for optimum benefit. This sounds much nicer than the others.
ali