FuelinAround

I know if I sponsor the event I can get my registration included and write that off for advertising, but on my personal taxes I was curious what everyone writes off since these are charitable events. Are any of the hotels, gas, admission, t shirts, etc tax deductible? Just curious if there is enough there to make a difference and waste my time tracking or if I just keep blowing and going.

ALL_IN!

iTrader: (1)

I've wondered the same thing. But never (haven't in the past) keep track of my expenses.

FuelinAround

All I know is by the time I do hauling fuel, boat fuel, hotel room, and entry fee a poker run will usually cost me $1500 give or take. You do 5-6 a year and it adds up to some decent money. Hate to leave anything on the table for old Uncle Sam after he takes half.

looseconnection

Should be but I doubt it actually is unless it is business expense. I would like to know for sure tho.

SB

iTrader: (1)

Make a sales call, or better yet meeting... from your boat and log it. LOL.

tomtbone1993

iTrader: (3)

http://www.offshoreonly.com/forums/g...-business.html

Captain YARRR

I think the entry fee as being a charitable donation sounds semi-legit but I'm not a tax guy. C'mon, we gotta have some accounts on here!

ALL_IN!

iTrader: (1)

Same here.

chris21hope

I must be doing something wrong! I did Boyne Thunder last month, and spent about $4,000 (Truck rental from friend: $450, Truck gas: $250, 3 night's hotel room at $150: $450, Registration for crew of 5: $1,250, Boat gas for run and rest of weekend: $1,200, Misc: $400).

Funny this thread is going, as I just talked to my account about it. He said that, since it's a charitable event, you could write off the entry fee minus an estimate of the goods and services you received (a couple of meals, T-shirts, etc.).

Jarrodstheman

Take a customer and write the whole thing off as entertainment