The IRS Deductions Blog

Archive for the ‘Tax Deduction Limits’ Category

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Lyme Disease – Lovette’s Story : Ticked Off and Fed Up

Question: What is the difference between a 401 IRA and a 403 IRA? Is there a tax deductible IRA for the self employed?

If a person is considered self employed in a sales position and will receive a 1099, is there a tax deductible account you can invest in? Other than a Traditional IRA or Roth IRA with the fixed limit?

Answer: You would have to set up a retirement plan such as a SEP, SIMPLE, or solo 401k. These plans may have increased contribution limits. Contact a financial institution such as the large mutual fund families, and they will assist you in setting up such a plan.

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Investment Finance Tips : IRA Retirement Tips

Question: I need a sponsor for my girl scout troop, any ideas?

Hello, My name is Mary L. Jones and I am leader of Girl Scout Cadette troop 3099. This troop is one of few serving 15-17 year olds in the metropolitan Atlanta area. Troop 3099 is geared towards turning young ladies into leaders while keeping them involved in helping the community. In June 2008, we would like to plan a trip costing approximately $2,400.00. With this said, we were wondering if any business could sponsor this trip. Because they are donating to a non profit organization, their contributions will be tax deductible. Does anyone own a business and is interested or know of a business or association that might be so that I can send an official proposal letter to their company.
Thank You,
Mary Jones

Answer: First, talk to your Council – most would frown mightily upon your seeking that large a sponsorship without at the very least going through them. Your troop is not a nonprofit organization, the Council is, and as such any tax receipts would need to come from the Council anyhow.

Second, what type of money earning projects have the girls done towards the trip? $2400 is not an impossible amount to raise, at least a big chunk of it. If the girls are just expecting someone else to foot the bill “as a tax write off” what are they really getting from it? Yes, the trip, but so much more of the Girl Scout travel experience is about the planning and earning and WORKING for the trip.

Different Councils have different rules for earning money, but I can’t imagine a single one that would nod at a troop looking to get a trip entirely funded without the girl’s earning at least a portion of it. At least in the Councils I’m familiar with, approval for trips over certain lengths, distances, and/or expenses requires special approval, including submitting how you plan to finance it, so it’s better to get all this paperwork done now (June isn’t very far away!) and make sure you’ll be approved anyhow before seeking sponsors.

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Pageant Prep & Sponsor info

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