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Sponsor Question.


Gr8-96GT

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Hey Charles,

I think the best answer is, for the sponsor to ask their

tax adviser/accountant that question ...

here's hopin for the best

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Yes and no. It depends on what you mean by "deduction".

 

A business can claim sponsorship as "advertising", and thus would just be another expense of doing business that reduces the taxable $$.

 

As Carson said, best to check with their tax person to determine if they're able to write off "advertising".

 

Tony - I assume that if Carson's beef is sponsoring Charles, that Kelly LeBrock's pasture is still open - I'll take that sponsorship for the nationals.

 

Dang I wish I was there for that conversation...

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"Kelly LeBrock's pasture is still open - I'll take that sponsorship for the nationals".

Yes it may be open,so I would jump into that one if you can

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Shaved Toyos - CHECK

Protective gear - CHECK

Fresh oil & lube - CHECK

Water Wetter (to prevent overheating) - CHECK

 

Heck, if I had that on the hood of my car, I guarantee I'd finish FIRST.

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A business might be able to claim the money they give you as a legitimate business expense and therefore lower their earnings, which in turn might lower their tax liability. There are some other variables that have to be sorted out in order to be advantageous to them from a tax perspective. To make matters worse, it is very likely that you would be required to report it as income, which is very likely to increase your tax liability.

 

Its all fun and games with the government!

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