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best way to donate to a racer kid?

Discussion in 'General' started by Hotfoot, Dec 10, 2018.

  1. Hotfoot

    Hotfoot Well-Known Member

    Maybe there is a thread on this already but I couldn't find it - if I wanted to make a donation to support a racer kid, anyone know any tax deductible ways of doing that? I do not have a product or website I want to promote, no good way to call it an advertising expense, nor do I want to do anything too dodgy. Anyone have any ways they have found to do it?

    (I'll make a donation regardless, I was just thinking I could make it bigger if there was some way to write some of it off.)
     
  2. Banditracer

    Banditracer Dogs - because people suck

  3. Hotfoot

    Hotfoot Well-Known Member

  4. r6boater

    r6boater Logged out

    If you figure it out, let us know...
     
  5. mpusch

    mpusch Well-Known Member

    Uphill battle. While I'm not a tax professional, the fact that it won't be a 501c3 is kind of a deal breaker, especially with your other criteria.

    Here's an excerpt from the IRS:
    1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.
     
    stk0308 likes this.
  6. The

    The Baddest Mofo in Town

    What dollar value contribution are you thinking?
     
  7. Timothy Landon

    Timothy Landon Well-Known Member

    Go to his house and give him cash.
     
    StaccatoFan likes this.
  8. speedluvn

    speedluvn Man card Issuer

    That option haso the potential to blow up in your face. You might wanna try another alternative.
     
  9. R Acree

    R Acree Banned

    Hire them to cut your yard, write it off as a business expense.
     
    Yzasserina and StaccatoFan like this.
  10. Mongo

    Mongo Administrator

    If you don't have a business then it's a gift and no tax break.
     
  11. G 97

    G 97 Garth

    Standard deduction has been raised quite a bit making itemizing deductions more difficult to achieve. Plus unless you are donating a huge sum the reduction in tax liabilities is minimum. It’s not even worth the hassle.
     
  12. bpro

    bpro Big Ugly Fat F*****

    Never considered the tax thing, but in the past I have preferred to donate what little I can in open forums. I feel that this draws attention to the rider and usually results in others stepping up as well.
    There is at least one case of this on this board.
     
    stk0308, MELK-MAN and r6boater like this.
  13. Hotfoot

    Hotfoot Well-Known Member

    Thanks for the help. I do have an LLC, not really set up for sponsoring a racer for promotional purposes at this point, but I'm going to meet with a tax advisor to see whether it is a viable advertising expense based on some potential changes in the business in 2019. I appreciate the input, you guys answered my main question which was whether there was a good way to just donate, without it being a business expense, and it sounds like there really isn't (from a tax standpoint); as Mongo said it would just be a gift.
     
  14. Scott S.

    Scott S. Well-Known Member

    Thank You
     
  15. In Your Corner

    In Your Corner Dungeonesque Crab AI Version

    Somehow I'm doubting the dollars involved will trigger an audit.
     
  16. Metalhead

    Metalhead Dong pilot

    Send it to me. I'll make sure someone gets it.
     
    track wagon likes this.

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