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.)
You can help this one out. http://forums.13x.com/index.php?threads/nic-swensgard-racing-fundraiser.356923/
That thread is part of what raised the question as to HOW to do it. No problem finding kids who NEED support (and I know Nic, good kid), just wondering how best to approach it financially.
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: 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.
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.
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.
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.