|
|
|
|
jrjo
Gone Fishin
|
|
|
Joined: 15 May 2002
Posts: 16451
Location: Lake Wobegon, MN
|
| Back to top
|
|
 Posted: 09/23/04 - 11:37 Post subject: Should I Get A Deduction?
It was a race put on by a non-profit with proceeds benefitting their charitable purpose. The shirt is considered "token".
Yeah, I'm gonna tax deduct the whole registration fee. 
|
|
|
|
|
cherylpf
crazy cat lady
|
|
|
Joined: 14 May 2002
Posts: 17305
|
| Back to top
|
|
Posted: 09/23/04 - 11:39 Post subject:
But its only partially deductable, right? Like girl scout cookies??
|
|
|
|
|
Laurie Ellen
Queenie
|
|
|
Joined: 14 May 2002
Posts: 11286
Location: The Dark Side of the Moon
|
| Back to top
|
|
Posted: 09/23/04 - 11:41 Post subject:
SAVE YOUR RECEIPTS!! 
|
|
|
|
|
Cappy
Excelent
|
|
|
Joined: 16 May 2002
Posts: 27368
Location: Spreadsheetylvania
|
| Back to top
|
|
Posted: 09/23/04 - 11:43 Post subject:
Might be less paperwork, if you just have another kid 
|
|
|
|
|
jrjo
Gone Fishin
|
|
|
Joined: 15 May 2002
Posts: 16451
Location: Lake Wobegon, MN
|
| Back to top
|
|
Posted: 09/23/04 - 11:49 Post subject:
| cherylpf wrote: | | But its only partially deductable, right? Like girl scout cookies?? |
From what this tax attorney was telling me the other day, the "market value" of a "token" item like a race shirt is not the same as something straightforward like a box of cookies. Imprinted items have little to no value, so she gave an okay to deduct the whole thing. I'm gonna read up some more, but I'm inclined to think just about every race is put on by a non-profit of some kind as a fundraiser. It should be tax deductible territory.
|
|
|
|
|
AlaninTX
Member
|
|
|
Joined: 14 May 2002
Posts: 6582
Location: Austin, Texas
|
| Back to top
|
|
Posted: 09/23/04 - 11:50 Post subject:
Induct, reduct, deduct...its all good.
|
|
|
|
|
cherylpf
crazy cat lady
|
|
|
Joined: 14 May 2002
Posts: 17305
|
| Back to top
|
|
Posted: 09/23/04 - 11:51 Post subject:
| jrjo wrote: | | From what this tax attorney was telling me the other day, the "market value" of a "token" item like a race shirt is not the same as something straightforward like a box of cookies. Imprinted items have little to no value, so she gave an okay to deduct the whole thing. I'm gonna read up some more, but I'm inclined to think just about every race is put on by a non-profit of some kind as a fundraiser. It should be tax deductible territory. |
I should know better than to toy with an accountant. All this tax talk is making me have the shakes...
however if this is true, it would be sweet...
|
|
|
|
|
cherylpf
crazy cat lady
|
|
|
Joined: 14 May 2002
Posts: 17305
|
| Back to top
|
|
Posted: 09/23/04 - 11:52 Post subject:
| AlaninTX wrote: | | Induct, reduct, deduct...its all good. |
Don't forget to adduct and abduct. Think of your hips and knees Alan!!
|
|
|
|
|
elkid
Member
|
|
|
Joined: 18 Nov 2002
Posts: 8353
Location: hiding out in Philly
|
| Back to top
|
|
Posted: 09/23/04 - 13:58 Post subject:
| jrjo wrote: | | I'm inclined to think just about every race is put on by a non-profit of some kind as a fundraiser. It should be tax deductible territory. |
It is. And it is. I deducted quite a few race fees last year, 100% of the fees, too.
|
|
|
|
