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.
