The IRS Deductions Blog

Posts Tagged ‘giving,’

Question: What can you deduct if…..?

My husband and I own a business. We are sponsoring a T-Ball team this year. What all will be considered deductible when we file taxes next year? (ie…sponsorship fee, uniforms, water cooler for team, first aid kit…etc) We are an LLC, Sole Propriertship company.

Thanks.

Answer: All your expenses will be deductable. If you pay for the team to eat, only 50% is deductable. I am sure the kids thank you

Items on Amazon Right Now for Sponsorship Deductible:

The Kilimanjaro Climb August 2010

Question: Can gifts to business associates be a tax deduction in Canada?

I run a small business, I have bought gifts to my suppliers and customers. Can I use these expenses as a tax deduction? (Canada)

Answer: yes, its an allowable tax deduction as long as the gift is under $750 in value, and not taxable in the hands of the recipient.

Items on Amazon Right Now for Tax Deduction Gifts:

The Tax Deductions most often overlooked

Every year, the Internal Revenue Service dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form — or making a mistake when entering those…

Make a Year End Tax-Deductible Gift at ARCW.org

Question: On your taxes, can you deduct charitable gifts even if you don’t itemize deductions?

and just take the standard deduction?

Answer: No, it’s either A or B.. Standard deduction or itemize.

Items on Amazon Right Now for Gift Tax Charitable Deduction:

December donations can bring tax break

Gift-giving season isn’t over.

Give the gift that keeps on giving – TurboTax

Question: How does tax deductible sponsorship work?

I’m a competitive sailor aiming for the Olympics but I’m struggling to make ends meet funding my campaign. I’ve been trying to find a sponsor but I’ve had no luck so far. I don’t know much about how the financial side of things would work so I haven’t really included anything in the pack i send out about that. I’ve heard that companies may receive a reduction in tax for any sponsorship they give, is this correct and how does it work?

Thanks

Answer: Sponsorship is another name for advertising for which a company or individual trader receives tax relief.

Items on Amazon Right Now for Tax Deductible Sponsorship:

Armory group seeks angel

LUDLOW — Anyone have an extra $750,000? … – By JOSH O’GORMAN STAFF WRITER

Help Debo Band Return to Africa

Items on Amazon Right Now for Tax Deduction Charitable Remainder Trust:

Charitable Planning: Nonprofits can help donors realize tax benefits from donation of art, collectibles

Challenging times call for creative thinking from nonprofit organizations that are reeling from the negative effect the economy and other financial issues have had on their donor base.

Gift of a Remainder Trust in A Residence