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I perform services at a discount for a local nonprofit group. Can I write off the discounts?
"You can't write off discounted services," says board member Gary Glassman, CPA, a partner with Burzenski and Co. PC located in East Haven, Conn. Discounted services create a tax break because you record less income than you otherwise would. So you've earned—and will report—less income, says Glassman. You can make tax deductible charitable contributions to a nonprofit entity, but they have to be cash or property.