2016 NWI INGO & DNR WINAMAC Famliy Event - Volunteers Needed!

[Hawkeye]

No, an expense write off is not the same as a deduction. Yes, any business can claim an advertising expense, but it does not have the same tax benefits as a charitable donation. Advertising expense is no different than buying toilet paper for the office crapper. It's an overhead expense.

Not trying to start a war here, but unless you can give me some specific example, I don;t think you know quite what you are talking aobut. For most businesses, there is no true distinction between "ordianry and necessary' business expenses and charitable contributions. TEhy both lower your taxable income. If anything, a charitable contribution may, in some circumstances, be less benficial to the donor than an advertising expense.

 

[2A_Tom]

Not trying to start a war here, but unless you can give me some specific example, I don;t think you know quite what you are talking aobut. For most businesses, there is no true distinction between "ordinary and necessary' business expenses and charitable contributions. They both lower your taxable income. If anything, a charitable contribution may, in some circumstances, be less beneficial to the donor than an advertising expense.

Thank you. I own a small business and I am very diligent to take every allowable expense (but no more). I give to charity but that is personal and not deductible. If I give money to our Church school that is charitable and not deductible as an expense. If I buy an add in their yearbook that is deductible.

I do realize there are ways to structure a corporation so you can make contributions to a 501c3 through the corp. and write them off, but....

 

[Hawkeye]

Thank you. I own a small business and I am very diligent to take every allowable expense (but no more). I give to charity but that is personal and not deductible. If I give money to our Church school that is charitable and not deductible as an expense. If I buy an add in their yearbook that is deductible.

I do realize there are ways to structure a corporation so you can make contributions to a 501c3 through the corp. and write them off, but....

Depending on the form of legal entity you are using for your small business, any charitable contribution by the business may end up being separately stated and passed through to the owner(s) in any case. Having said that, businesses can and do make chariable contributions that are dedcutible by the business all the time. A charitable contribution does not need to be made by an individual. Generally, the individual would take the charitable contriubiton as an itemized deduction.

 

[1775usmarine]

Speaking of business still looking for around 5 more who would like to donate 20 bucks to appear on this years shirt.

 

[1775usmarine]

So we now have a total of 535 in donations.

 

[bigretic]

Depending on the form of legal entity you are using for your small business, any charitable contribution by the business may end up being separately stated and passed through to the owner(s) in any case. Having said that, businesses can and do make chariable contributions that are dedcutible by the business all the time. A charitable contribution does not need to be made by an individual. Generally, the individual would take the charitable contriubiton as an itemized deduction.

TAX WAR! lol. kidding.
This ^ is more to they way I understand it. In my rush I worded my response poorly. Deductible yes, but not on your Schedule C. Instead, they’re deductible on your Form 1040, Schedule A. I think the only business entity that can deduct charitable contributions on their tax return is a C corporation. Every other entity, whether it’s an S Corporation, an LLC, or a partnership, has the amount contributed “flow through” to each member’s personal return.
I didn't mean it infer that charitable was better or worse than normal expense, but different - because it is. Maybe it is $ for $ after all 62 of your forms are filled out both ways to compare from your corp. and personal together. I never pondered it that way. In any event it's more complicated than was implied.
However, my response to the original comment that "advertising is always deductible" in relation to this event - I feel was correct, while probably lacking in clarity. You are not buying "advertising" on the back of the shirt. Now that we've clarified that I suck at getting my point across...

Sadly, I have been contracted to a client in Boston the weekend of this event and I will not be able to lead a spirited and jovial tax law discussion at lunch. Please remove me from the RO list.

 

[2A_Tom]

I am not rich enough to donate enough to cover the standard deductions for my wife and I. You can not take both.

 

[chef larry]

How soon will the 2016 flyers are available?

 

[1775usmarine]

Middle of March I will start taking shirt sizes from volunteers and coaches.

 

[actaeon277]

Whoever does the flyer, make sure the directions to the place are clear.
Please.

 

[1775usmarine]

Whoever does the flyer, make sure the directions to the place are clear.
Please.

I think Jedi will have the flyer ready by April.

 

[KLB]

I am not rich enough to donate enough to cover the standard deductions for my wife and I. You can not take both.

You have an interesting definition of rich

 

[2A_Tom]

I am rich. I live in the richest country in the world. I own my home. There are 4 vehicles parked in front of my home. I have everything I want and want everything I have. I give as much as I feel I can (which is between me ,my wife and God), sometimes more than I feel I can.

That being said, the standard deduction for us has always been more than I can get with a Schedule A, since our medical costs are nearly nonexistent. Praise J__H.

I could manipulate my business identity and take a large portion off on a Schedule C, but I personally see that as, at least, slightly dishonest. It is technically legal, so I am not saying anyone else is doing wrong. Believe me I have bigger beams in my eye than that to worry about.

 

[1775usmarine]

We are now up to 555 with a donation by The Drakes Camo Customs LLC. Could use 4 more businesses to make the back of the shirt not look so bare. I will also close the door to money donations for shirts 4-1 to give us enough time to get the shirts made. So on 3-1-16 if you are a coach or volunteer please PM me the size you need and if you are a coach or volunteer. We will be using the same make of shirt as last year Gildens so if you have one from last year just look at the tag and let me know.

 

[jedi]

How much you need for biz donations for names on the back?
Also PM inbound to you on what DNR said about t-shirts. (@all still pending)

 

[1775usmarine]

20 minimum per business/ charity organizations.

 

[jedi]

TENTATIVE ASSIGNMENTS

25 YARD BENCH
Bench 1: actaeon277
Bench 2: UnionPMedic
Bench 3: ricnzak
RO: Blue Falcon

50 YARD BENCH
Bench 1: Jen/Mel (with no suppressor .22 & left hand .22s)
Bench 2: 1775usmarine
Bench 3: chemteach
Bench 4: black label
Bench 5: sadclown (with AK and AR)
RO: Andy219 & Adam (Larry's brother)

100 YARD BENCH (Skeet)
Bay 1: mr.obnoxius1 (instructor) & girlfriend
Bay2: unshelledpilot (instructor) & libertarian01
RO: black label


PHOTOGRAPHERS
Piobair

COOKS
KLB
Chef Larry
Libertarian01 Friend


FLOATERS
Libertarian01 goddaughter


SAFETY GREETERS
Baddyna96
Colleen


EXTRAs
Bigrectic
Actaeon277 dad

***********
FOOD DONATIONS
Libertarian01
blue falcon
ricnazk

Please note some of the changes in the line up.
Baddyna96 do you and Colleen want to greet the kids and do the safety demo plus ID any left handers as well at the registration table?

 

[1775usmarine]

Please note some of the changes in the line up.
Baddyna96 do you and Colleen want to greet the kids and do the safety demo plus ID any left handers as well at the registration table?

Looks like 25 shirts. My wife said a shop here in Laporte can do the printing for 2-3 per shirt if we buy the shirts ourselves for around 7 some larger ones will cost a bit more. So right now figure about 275 for our shirts and the rest for the children if we get approval. Otherwise the rest will go to what we need in terms of food, boards, and so on.

 

[Andy219]

I'll look into getting hats again this year also. They'll probably be the same type as last time, may go with more of an off white color or maybe a fluorescent yellow or green, what say you? I like the light color do to the ease of locating a volunteer and it also helps deflect the sun.

 

[1775usmarine]

I'll look into getting hats again this year also. They'll probably be the same type as last time, may go with more of an off white color or maybe a fluorescent yellow or green, what say you? I like the light color do to the ease of locating a volunteer and it also helps deflect the sun.

I would go an off white, but the wife says green or yellow. Are you wanting a share of the shirt donations to cover the hats and if so when would you want it by? I plan on putting in for shirts 4-1.