Gr8-96GT Posted July 6, 2007 Share Posted July 6, 2007 Hi all, wondering If sponsors can claim a tax deduction for money spent sponsoring. Thanks. Quote Link to comment Share on other sites More sharing options...
Carson Posted July 6, 2007 Share Posted July 6, 2007 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 Quote Link to comment Share on other sites More sharing options...
GT4Point6 Posted July 6, 2007 Share Posted July 6, 2007 NEWS FLASH! Carson's "Beef" will sponsor Mr. Weeks at Mid Ohio, more at 11pm. Quote Link to comment Share on other sites More sharing options...
bsim Posted July 6, 2007 Share Posted July 6, 2007 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... Quote Link to comment Share on other sites More sharing options...
Tony G Posted July 6, 2007 Share Posted July 6, 2007 "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 Quote Link to comment Share on other sites More sharing options...
Carson Posted July 7, 2007 Share Posted July 7, 2007 WHOA thar pard , make sure ya shave your TOYOS first ... Quote Link to comment Share on other sites More sharing options...
bsim Posted July 7, 2007 Share Posted July 7, 2007 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. Quote Link to comment Share on other sites More sharing options...
tacovini Posted July 10, 2007 Share Posted July 10, 2007 What a bunch of cowboys. Now that we're back on topic. Here's some good reference material. http://www.ssapubl.com/productList.aspx?specialty=RacingBusiness&specialty=BusinessTeamOps -= Todd Quote Link to comment Share on other sites More sharing options...
Members Al F. Posted July 10, 2007 Members Share Posted July 10, 2007 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! Quote Link to comment Share on other sites More sharing options...
Gr8-96GT Posted July 14, 2007 Author Share Posted July 14, 2007 Hey guys thanks for the help. The sponosr back out anyways. Thanks thought. Quote Link to comment Share on other sites More sharing options...
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