hitman Posted December 25, 2008 Share Posted December 25, 2008 It also has to do with how you PT company is set up, LLC, Corp., Sloe Prop. If you are not incorporated, I would bet if you get audited and dont have recipts for advertising you will get a bill from the IRS. For me with a Gun shop I can write off travel, meals, shooting shirt, hotels to a match (as long as I talk buz to someone) but not match fees. Link to comment Share on other sites More sharing options...
Jim Norman Posted December 25, 2008 Share Posted December 25, 2008 I have to look into this. I have actually done business with people I met through shooting. I dodn't start shooting for business, I have always shot, but if I can find a way for Uncle to pay for a part of it.... Jim Link to comment Share on other sites More sharing options...
kgunz11 Posted December 25, 2008 Share Posted December 25, 2008 I have to look into this. I have actually done business with people I met through shooting. I dodn't start shooting for business, I have always shot, but if I can find a way for Uncle to pay for a part of it....Jim But are you attending these matches with the intent to generate business? Do you advertise at these matches? Link to comment Share on other sites More sharing options...
Steve Moneypenny Posted December 25, 2008 Share Posted December 25, 2008 Here is a little bit of an odd idea on that. First off. YES you can deduct the direct advertising expenses incurred. Definitely the cool shirts, and match fees. If you sponsor the match Many times it only costs a LITTLE more and then they give you a free slot to the match Helps everyone out. and you do get a LOT more exposure in the match book, website etc. remember you don't have to make smart business decisions. as almost every bank in the US has just proven. Link to comment Share on other sites More sharing options...
VegasOPM Posted December 25, 2008 Share Posted December 25, 2008 +10,000 on consulting a CPA that specializes in taxation or a Tax Attorney. The interwebs and legal questions are quite often a dangerous mixture. Link to comment Share on other sites More sharing options...
badchad Posted December 25, 2008 Author Share Posted December 25, 2008 It also has to do with how you PT company is set up, LLC, Corp., Sloe Prop. My company is an S-Corp. Link to comment Share on other sites More sharing options...
badchad Posted December 25, 2008 Author Share Posted December 25, 2008 If you sponsor the match Many times it only costs a LITTLE more and then they give you a free slot to the match Helps everyone out. and you do get a LOT more exposure in the match book, website etc. remember you don't have to make smart business decisions. as almost every bank in the US has just proven. I'll have to think about that. It kind of reminds me of a quote. "Half the money I spend on advertising is wasted; the trouble is I don't know which half." Link to comment Share on other sites More sharing options...
CSEMARTIN Posted December 25, 2008 Share Posted December 25, 2008 Please let me know if you come across anything definative. I'll do likewise. Will do. My tax guy is pretty clever. If it can be done, he'll be the guy to figure out how. Link to comment Share on other sites More sharing options...
Kaizer Posted December 25, 2008 Share Posted December 25, 2008 What I'm gonna say here is deemed veeeeeeery evil from IRS point of view LOL Why not do a 'cross sponsor'? Let's say u got a buddy who's in the same 'dilemma' as you. If you can't sponsor yourself, make a deal with your 'buddy' and cross sponsor (your company sponsor him/her and his/her company sponsor you). That way, it doesn't look fishy! Worth a thought maybe? Link to comment Share on other sites More sharing options...
chuckbradley Posted December 26, 2008 Share Posted December 26, 2008 Credentials was questioned so I will ad that I do have a degree in accounting. I did not take the CPA exam so I am not a CPA. Fraud is considered when you understate your income by more than 1/3. At least that was the factor when i was in school. You will have some CPA's who will do everything to keep you out of an audit and will want the audit to show clean. This makes him look good and have less headaches. Then there is the CPA who will say when in doubt deduct. So its not all black & white. Link to comment Share on other sites More sharing options...
racerba Posted January 5, 2009 Share Posted January 5, 2009 Income tax is unconstutional anyway. Link to comment Share on other sites More sharing options...
Mike Schramm Posted January 6, 2009 Share Posted January 6, 2009 Income tax is unconstutional anyway. Is that you, Wesley Snipes? Link to comment Share on other sites More sharing options...
Mike Schramm Posted January 6, 2009 Share Posted January 6, 2009 Have you look at setting up a non-profit that you can be a member of? From 501c3.org 501©(3) public charity or private foundation, which is established for purposes that are religious, educational, charitable, scientific, literary, testing for public safety, fostering of national or international amateur sports, or prevention of cruelty to animals and children. There are also IRC Section 501©(4) through 501©(27) organizations that are considered tax-exempt, but not charitable. Examples include trade associations, social clubs and certain advocacy organizations involved in substantial political lobbying activity. Emphasis Mine I am a member of a 501c3 educational foundation, and I can claim my mileage, sign up fees, lodging, food and the expenses of buying supplies and anything else that is related to membership of the foundation. Full disclosure, not a law or accounting professional, just my experience. Your MMV. Link to comment Share on other sites More sharing options...
shootingchef Posted January 6, 2009 Share Posted January 6, 2009 I write off all of my match travel expenses, no reloading components, guns etc. As a SP it's perfectly legal so long as you document everything and discuss business along the way. I traveled 10k miles in 2008 shooting matches, I will get the .44 cent mileage deduction. I write off my shoes, clothing as "uniforms." My custom Techwear shirts, are reported under advertising. Misc. stuff are filed under maintenance and supplies. I am going to re-explore the 501-3-c option. As a club officer I should be able to write off supplies, bullets, etc. as promoting the sport. Worth a closer look. Link to comment Share on other sites More sharing options...
hitman Posted January 6, 2009 Share Posted January 6, 2009 Food for thought and investigation for me as well. Link to comment Share on other sites More sharing options...
Miranda Posted January 6, 2009 Share Posted January 6, 2009 tax laws are a bite. the IRS allows any thing you spend to get earn more to be considered money removed from the pot that gets taxed. the IRS taxes the amount left in the pot.... If you make tee shirts and hats, that is advertising and a write off. What they don't allow is that you can participate in the FUN and declare all expenses as the cost of advertising. the reason is that you would do it anyway. Lets say your clinic has 'pistol hand' treatment programs. Then you should advertise at such competitions and that would be very defensable as a biz expense. Here is the trick, make more from 'pistol hand' treatments than you spend... miranda Link to comment Share on other sites More sharing options...
Graham Smith Posted January 6, 2009 Share Posted January 6, 2009 Here is what I have been told about a similar subject: Advertising is a legitimate deductible expense, within reason. For example, if you have some pens printed with your company info and give them away, then the cost of the pens would be covered. But trying to write off your vacation to Cancun because you handed out some pens while you were there isn't going to cut it. The others have it right - ask a tax professional. Link to comment Share on other sites More sharing options...
Jim Norman Posted January 6, 2009 Share Posted January 6, 2009 Part of the problem is this. I Shoot to get away from Business, not to do business. If I happen to make some friends along the way, better, should they decide to do business with me, better yet, but I would rather they remain my friends than my customers. If I want to join a professional association with the intent of developing business, I will, that is not fun to me, that is "Shake and Fake". Now, IF I weer a gunsmith or a target manufacturer, or a... then shooting would be my business and I would of course treat shooting as a business and charge off all the expenses. Jim Link to comment Share on other sites More sharing options...
target1911 Posted January 6, 2009 Share Posted January 6, 2009 I'm not a genius but I have stayed at the Holiday in express,My accountant,(the guy you pay to keep you straight and who probably is pretty educated and experienced on just this type of tax law) said dont do it. Let me add to that. Your accountant, the guy you pay to know these things, might be too lazy to look into it, nor may he have any experience in such things. You might want to consult someone else and get a second opinion. My dad is self employed and works at home. He had used the same CPA for 30yrs. The taxes were eating him alive (not to mention the CPA fees). About 5 yrs ago he decide to talk to another CPA. That CPA saved him about $6000 a year AND went back the previous 3 yrs and redid those files to and got him a few more THOUSAND bucks there too. The CPA showed him what he could write off LEGALLY. It became obvious that his CPA of 30yrs was just to damn LAZY to help him and give him the deductions he deserved, such as house payment, car, gas, some meals, and other things he uses EVERY DAY to conduct business. You should always get a second opinion, if not a third. Link to comment Share on other sites More sharing options...
Nik Habicht Posted January 6, 2009 Share Posted January 6, 2009 You should always get a second opinion, if not a third. And after getting multiple opinions, you'll need to decide what you are comfortable with. Some people --- would rather err on the side of paying too much and avoiding any (real) risk of being charged with a crime. Others may feel comfortable skirting the edge a little more --- confident that if charged, they would be vindicated at trial..... Bottom line: Since you'll be dealing with any consequences, you'll need to make a decision..... Link to comment Share on other sites More sharing options...
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