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 Well-Known Member

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

    Timothy Landon Well-Known Member

    Go to his house and give him cash.
     
    D-Zum likes this.
  8. speedluvn

    speedluvn On a Quest For Speed

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

    R Acree WTF

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

    Mongo Sacko

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

    G 97 What's my name

    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 It's a little-known fact...

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

    Anchovie Dork

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

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